BlackRock partners with Reliance's Jio Financial Services to launch asset management JV in India

BlackRock and Reliance's Jio Financial Services announced a 50:50 joint venture called Jio BlackRock.
Each company will invest up to $150 million initially in the new venture.
The partnership aims to provide affordable investment solutions leveraging BlackRock's expertise and Jio's tech capabilities.
India's asset management industry has seen growth but still has low penetration compared to GDP.
The joint venture is pending regulatory approval and aims to offer a digital-first investment platform.