Jio Financial, BlackRock form JV to enter India’s asset management market
The joint venture will be called as Jio BlackRock. It will combine JFS’s knowledge and resources and BlackRock’s scale and investment expertise to deliver affordable, innovative investment solutions to investors in the country.
Last week, in a post first quarter results call with media and analysts, RIL’s Chief Financial Officer V Srikanth said, “Around Rs 15,500 crore of cash and liquid investments have been transferred from RIL’s consolidated balance sheet to the JFSL as part of the scheme.
Jio Financial Services Ltd (JFSL), the financial services arm of Reliance Industries Ltd (RIL) and the US-based investment company BlackRock on Wednesday announced to form a 50:50 joint venture to enter into the country’s asset management industry.
Both the entities are targeting an initial investment of $150 million each in the joint venture, RIL said in a release. JFS recently demerged from RIL.
The joint venture will be called as Jio BlackRock. It will combine JFS’s knowledge and resources and BlackRock’s scale and investment expertise to deliver affordable, innovative investment solutions to investors in the country.
“We are very excited to be partnering with JFS to revolutionise India’s asset management industry and transform financial futures. 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, BlackRock.
JFS President and CEO Hitesh Sethia said the joint venture will be a transformational, customer centric and digital-first enterprise with the vision to democratise access to financial investment solutions and deliver financial well-being to the doorstep of every Indian.
The JV will launch operations post receipt of regulatory and statutory approvals. The company will have its own management team, RIL said.
Last week, in a post first quarter results call with media and analysts, RIL’s Chief Financial Officer V Srikanth said, “Around Rs 15,500 crore of cash and liquid investments have been transferred from RIL’s consolidated balance sheet to the JFSL as part of the scheme.
“So now, JFSL will have a total liquid asset base of Rs 20,700 crore including cash equivalents in RIL associate, Reliance Services and Holdings Ltd, which is now a part of JFSL.”
Share
