Billionaire Mukesh Ambani's Asset Management Venture Dangles $300M Proposal To Lure BlackRock Back To India
Portfolio Pulse from Shomik Sen Bhattacharjee
Jio Financial Services, part of Mukesh Ambani’s Reliance Group, is partnering with US firm BlackRock Inc (NYSE:BLK) to launch an asset management venture in India. Both companies plan to invest $150 million each in the new venture. The joint venture will focus on providing digital-first services, pending regulatory approval. This marks BlackRock’s second foray into India’s asset management sector, after exiting a joint venture with DSP Group in 2018.
July 27, 2023 | 5:12 am
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BlackRock Inc is partnering with Jio Financial Services to launch an asset management venture in India, marking its second foray into the country's asset management sector.
The partnership with Jio Financial Services provides BlackRock with a renewed opportunity to tap into the rapidly growing Indian asset management industry. This could potentially boost BlackRock's global footprint and revenues, hence the positive score.
CONFIDENCE 90
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RELEVANCE 100