<p>Jio Financial Services and global asset management giant Blackrock have agreed to form a 50:50 joint venture called Jio BlackRock to serve India’s promising asset management market, with an initial investment of $300 million, as per a press statement on Wednesday.</p>.<p>Both companies will initially invest $150 million each towards the JV, with an aim to make affordable, tech-enabled and innovative investment products to the Indian market. Jio Financial Services is the demerged entity of Mukesh Ambani-led Reliance Industries Ltd, which was till July 25 called Reliance Strategic Investments.</p>.<p><strong>Also Read | <a href="https://www.deccanherald.com/business/business-news/reliance-shares-drop-after-q1-profit-misses-estimates-1240063.html">Reliance shares drop after Q1 profit misses estimates</a></strong></p>.<p>The JV is set to hit markets later this year post regulatory and statutory approvals. “Together, the partnership will introduce a new player to the India market with a unique combination of scope, scale, and resources,” JFS said in a statement. Blackrock, which is the world’s largest asset management company, had exited the Indian market in 2018.</p>.<p>“India represents an enormously important opportunity. The convergence of rising affluence, favourable demographics, and digital transformation across industries is reshaping the market in incredible ways… Jio BlackRock will place the combined strength and scale of both of our companies in the hands of millions of investors in India,” said Rachel Lord, chair & head of APAC at BlackRock.</p>
<p>Jio Financial Services and global asset management giant Blackrock have agreed to form a 50:50 joint venture called Jio BlackRock to serve India’s promising asset management market, with an initial investment of $300 million, as per a press statement on Wednesday.</p>.<p>Both companies will initially invest $150 million each towards the JV, with an aim to make affordable, tech-enabled and innovative investment products to the Indian market. Jio Financial Services is the demerged entity of Mukesh Ambani-led Reliance Industries Ltd, which was till July 25 called Reliance Strategic Investments.</p>.<p><strong>Also Read | <a href="https://www.deccanherald.com/business/business-news/reliance-shares-drop-after-q1-profit-misses-estimates-1240063.html">Reliance shares drop after Q1 profit misses estimates</a></strong></p>.<p>The JV is set to hit markets later this year post regulatory and statutory approvals. “Together, the partnership will introduce a new player to the India market with a unique combination of scope, scale, and resources,” JFS said in a statement. Blackrock, which is the world’s largest asset management company, had exited the Indian market in 2018.</p>.<p>“India represents an enormously important opportunity. The convergence of rising affluence, favourable demographics, and digital transformation across industries is reshaping the market in incredible ways… Jio BlackRock will place the combined strength and scale of both of our companies in the hands of millions of investors in India,” said Rachel Lord, chair & head of APAC at BlackRock.</p>