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Jio BlackRock is to provide millions of investors in India with tech-enabled access to cost-effective, innovative investment solutions.

In addition, the venture provides 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 brings local market expertise, digital infrastructure skills, and strong execution skills.

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With their combined scope, scale, and resources, the alliance will introduce a fresh face to the Indian market.

In addition, JFS and BlackRock intend to each spend an initial $150m in their joint venture.

Once the joint venture has received the necessary legal and regulatory approvals, operations will begin.

The company will have a management group of its own.

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Rachel Lord, chair & head of APAC, BlackRock, said: “India represents an enormously important opportunity. The convergence of rising affluence, favourable demographics, and digital transformation across industries is reshaping the market in incredible ways. We are very excited to be partnering with JFS to revolutionise India’s asset management industry and transform financial futures. Jio BlackRock will place the combined strength and scale of both of our companies in the hands of millions of investors in India.”

Hitesh Sethia, president, and CEO, JFS, added: “This is an exciting partnership between JFS and BlackRock, one of the largest and most respected asset management companies globally. The partnership will leverage BlackRock’s deep expertise in investment and risk management along with the technology capability and deep market expertise of JFS to drive digital delivery of products. Jio BlackRock will be a truly transformational, customer centric and digital-first enterprise with the vision to democratise access to financial investment solutions and deliver financial well-being to the doorstep of every Indian.”