Mukesh Ambani’s Rs 23,500 crore new company announces joint venture with Jio BlackRock

A 50:50 joint venture between Jio Financial Services Limited and BlackRock was announced on Wednesday in order to provide millions of Indian investors with tech-enabled access to cheap, cutting-edge investment products.   

"Jio BlackRock brings BlackRock’s deep expertise and talent in investment management, risk management, product excellence, access to technology, operations, scale, and intellectual capital around markets, while JFS contributes local market knowledge, digital infrastructure capabilities and robust execution capabilities. Together, the partnership will introduce a new player to the India market with a unique combination of scope, scale, and resources," said Jio Financial Services. 

Each partner intends to make a $150 million initial commitment. They want to provide Indian investors tech-enabled, cost-effective investing options.

The goal of Jio BlackRock, a customer-focused and technologically advanced company, is to democratize access to financial investment options and deliver financial security to every Indian. 

Once the joint venture has its own independent management team and has received all necessary regulatory approvals, activities will begin.

Centrum Broking estimates Reliance Strategic Investments' (Jio Financial) networth at ₹235 billion ( ₹23,500 crore), based on Reliance Industries' standalone networth of ₹5 trillion (₹5 lakh crore) and Reliance Strategic Investments' apportionment ratio (demerger cost of share acquisition) of 4.68%, reported India Times.