Global investment heavyweight, BlackRock, is extending its influence in India through a strategic partnership aimed at launching a “digital-first offering” in the country.
BlackRock, on July 26, formally declared a joint investment initiative with Jio Financial Services (JFS), a division of Mukesh Ambani’s Reliance Industries — India’s most valuable company. Each firm plans to invest up to $150 million in the 50:50 joint venture, aptly named “Jio BlackRock.”
The goal of “Jio BlackRock” is to facilitate “tech-enabled” access to “affordable, innovative investment solutions” for countless investors across India, as stated in the announcement.
The collaboration plans to utilize BlackRock’s strengths and skills in investment management, technology access, operations, scalability, and market intellectual capital. On the other hand, JFS will contribute local market insights along with digital infrastructure and execution capabilities.
The collaboration will bring a new player to the Indian market, equipped with a “unique combination of scope, scale, and resources,” the announcement highlights. JFS CEO Hitesh Sethia remarked:
“This 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.”
However, the establishment of the new joint venture depends on regulatory and statutory approvals before its launch, the companies noted. While BlackRock and JFS referred to the new venture as the “digital-first offering” in India, they did not divulge any specific plans for cryptocurrencies such as Bitcoin, or any other digital assets. The firms did not immediately respond to Cointelegraph’s request for comments.
This announcement coincides with BlackRock analysts reinforcing that an optimal investment allocation should comprise 84.9% BTC, 9% stocks, and 6% real estate, a claim similarly made in 2022. Recently, BlackRock has stimulated significant bullish activity on cryptocurrency markets by filing an application for a spot Bitcoin exchange-traded fund (ETF) in the United States. The U.S. Securities and Exchange Commission officially accepted BlackRock’s spot Bitcoin ETF application for review in mid-July.