Billionaire Mukesh Ambani, BlackRock to Launch New Indian Venture

Equal partnership venture to be called Jio BlackRock
Firms aim for an initial investment of $150 million each

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By Sanjai P R and Swansy Afonso

July 26, 2023 at 3:54 PM UTC

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Reliance Industries Ltd.’s financial services unit and BlackRock have joined forces to set up an Indian asset management venture as the conglomerate owned by Asia’s richest man seeks to propel the arm to become one of the biggest non-banking finance companies in the country.

Jio Financial Services Ltd. and BlackRock signed an agreement to form Jio BlackRock, an equal joint venture, on Wednesday with a targeted initial investment of $150 million each in the entity, the companies said in a statement.