Both Jio Financial Services, which is a subsidiary of the Indian conglomerate Reliance, and BlackRock, which is an asset manager based in the United States, announced on Monday that they would be creating a joint venture in order to establish a wealth management and brokerage company in India.
BlackRock and Jio Financial established a joint venture last year to provide asset management services in India. This announcement follows that.During this announcement, it was announced that they intended to spend a total of $150 million on the joint venture. Currently, they are seeking the Indian market regulator’s clearance for that joint venture.
The rising aspirations of Reliance in the field of financial services are shown by the development of cooperation between BlackRock and Jio Financial. With a valuation of $237 billion, the company leads the refinery, retail, and telecom industries in India. (The Central Bank of India does not allow business magnates to get a banking license.)
Jio Financial Services said in a report from the previous year that it was adopting a direct-to-customer strategy, using alternative data models for individualized services, and utilizing a single app for various client financial requirements in order to save costs and adapt interactions.
Before making its debut to the general public in August, Jio Financial Services had already extended its operations to include lending and insurance companies.
