Jio Financial Services, part of the Indian conglomerate Reliance, is forming a joint venture with U.S. asset manager BlackRock to set up a wealth management and broking business in India, the two firms said Monday.
The announcement follows BlackRock and Jio Financial launching a joint venture last year to offer asset management services in India. The two companies plan to invest $150 million each in the joint venture, they said last year. That joint venture is awaiting the Indian market regulator’s approval.
The expansion of BlackRock and Jio Financial’s partnership underscores Reliance’s growing ambitions in the financial services sector. The $237 billion Indian firm already leads the nation’s refinery, retail and telecom sectors. (India’s central bank doesn’t permit tycoons to receive the banking license.)
Jio Financial Services said in a report last year that it was taking a direct-to-customer approach, using alternate data models for personalized offerings and a unified app for diverse customer financial needs, to cut costs and tailor interactions.
Since its public debut in August, Jio Financial Services has already expanded to insurance and lending businesses.