- Jio Financial Services and BlackRock partner for India wealth management venture.
- They previously launched $300 million asset management joint venture.
- Reliance expands financial empire with latest partnership.
A match made in financial heaven
Jio Financial Services, the financial arm of Indian conglomerate Reliance, is tying the knot with U.S. asset manager BlackRock to create a wealth management and broking business in India.
The dynamic duo announced their plans on Monday, signaling a new era of financial services in the country.
This isn’t the first rodeo for BlackRock and Jio Financial. The two companies launched a joint venture last year to offer asset management services in India, pledging to invest $150 million each.
While they await the Indian market regulator’s approval for that venture, they’re already doubling down on their partnership.
Reliance’s financial empire grows
Reliance, the $237 billion Indian behemoth, is no stranger to dominating industries. With a stronghold in the refinery, retail, and telecom sectors, the company is now setting its sights on financial services.
Since its public debut in August, Jio Financial Services has already expanded to insurance and lending businesses, taking a direct-to-customer approach to cut costs and tailor interactions.
