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BlackRock, Jio Joint Venture Causes Drop In Indian Stock Market

Published 27/07/2023, 15:52
BlackRock, Jio Joint Venture Causes Drop In Indian Stock Market

  • Jio Financial and BlackRock announce a joint venture for asset management in India.

  • Reuters reports an initial investment of $150 million each from both companies to go towards the venture.

  • Indian market is concerned over potential disruption by JFS with a low-cost strategy in asset management.

On July 26, India’s Jio Financial Services (JFS) led by Reliance Group announced that it is forming a joint venture with the US investment management firm BlackRock to power asset management services in India. On Wednesday, Jio Financial issued a statement indicating that both companies aim to make an initial investment of $150 million each into the new venture. JFS CEO Hitesh Sethia noted,

Jio BlackRock brings 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 contributes local market knowledge, digital infrastructure capabilities and robust execution capabilities.

The announcement follows the recent demerger of Jio Financial Services from Reliance Industries. The market valuation of the venture stands at approximately…

The post BlackRock, Jio Joint Venture Causes Drop In Indian Stock Market appeared first on Coin Edition.

The post BlackRock, Jio Joint Venture Causes Drop In Indian Stock Market appeared first on Coin Edition.

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