Two and a half billion investment! Blackrock returned to the country's wealth market by joining hands with Jio

 


 Blackrock, the world's largest asset management company, is going to enter the Indian market again after 2018.  This time, Blackrock is going to enter the Indian market by joining hands with Jio Financial Services (JFS), a new company of Mukesh Ambani's Reliance Industries Limited (RIL).  The name of the joint venture of these two companies is 'Jio Blackrock'.  Both Jio and Blackrock will have 50 percent stake in the new entity.



 A joint statement from the two companies on Wednesday claimed that this tie-up will open new directions in the investment market in India.  "Jio BlackRock will empower millions of investors in India," said Rachel Lord, senior executive at BlackRock.


 About two and a half thousand crore rupees will be invested initially by the two companies in the Indian market through Jio Blackrock.  The primary objective of the organization is to further simplify investments for investors in India.  Hitesh Sethia, CEO, Jio Financial Services said, “This joint venture will leverage BlackRock's experience in investment and investment risk and Jio's technological expertise and market understanding to benefit investors.”


Blackrock is going to enter the Indian market again after almost five years after taking the hands of Jio.  Earlier, Blackrock was doing business in India in a joint venture with DSP.  In 2018, they closed their business in India by selling their 40 percent stake to DSP.


 On the other hand, Reliance Strategic Investments announced its separation from Reliance Industries in early July.  Reliance Strategic Investments was renamed Jio Financial Services on Wednesday.  A joint venture with BlackRock was announced soon after.  After this announcement, the market price of Reliance Industries Limited increased by 1.6 percent at the end of the day on Wednesday.

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