India’s Jio Financial Services, part of billionaire Mukesh Ambani’s Reliance Group, and U.S.-based BlackRock announced the formation of a 50:50 joint venture, Jio BlackRock, to enter India’s asset management market.

The two companies are targeting an initial investment of $150 million each in the joint venture, Jio Financial and BlackRock said in statements on Wednesday.

Jio Financial, which demerged from Reliance Industries earlier this week, was guided by a team from law firm Cyril Amarchand Mangaldas led by partners L Viswanathan and Anu Tiwari.

AZB & Partners’ Mumbai-based partners Ashwath Rau, Vipul Jain and Aditya Alok led the team advising BlackRock on the deal.

“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 Financial’s President and CEO Hitesh Sethia said in a statement.

The joint venture will launch its “digital first” offerings following regulatory and statutory approvals, Jio Financial said in a statement.


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