Mukesh Ambani's BIG win as Jio BlackRock gets Sebi nod for...; his new business is...

Mukesh Ambani, the richest man in Asia, has been expanding his business empire. Now, Jio BlackRock Asset Management, a 50:50 joint venture between Jio Financial Services (JFS) and BlackRock, has received regulatory approval from SEBI to commence operations as an investment manager for their mutual fund business in India.

Jio BlackRock will bring an innovative investment proposition to the growing number of Indian retail mutual fund investors, as well as to institutional investors in India, according to a press release. After the announcement, the share price of Jio Financial Services rose by Rs 10.90 (3.87 per cent) on Tuesday to close at Rs 292.65. The market cap of the firm stands at Rs 1.86 lakh crore as of May 27.

Jio BlackRock will seek to leverage the unique strengths of its two sponsors: JFSL's digital reach and its deep understanding of the local market, alongside BlackRock's global investment expertise and leading risk management technology.

Isha Ambani, Non-Executive Director of JFSL, said, "India’s rapid growth is driven by a new generation with bold aspirations. Our partnership with BlackRock is a powerful combination of global investment expertise and Jio’s digital-first innovation. Together, we are committed to making investing simple, accessible, and inclusive for every Indian. I am confident that JioBlackRock Asset Management will play a transformative role in shaping the future of financial empowerment in India."

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Key differentiators for all investors of the JioBlackRock Asset Management offering will include competitive and transparent pricing and innovative products, supported by the application of BlackRock's pre-eminent risk management expertise.

This includes Aladdin, BlackRock's globally renowned proprietary technology platform that unifies the investment management process through a common data language. For retail investors, the offering will also be distinctive for its digital-first customer proposition. JioBlackRock Asset Management aims to launch a range of investment products, including those that apply BlackRock's industry-leading capabilities in data-driven investing, over the coming months, the joint statement said.

(With inputs from ANI)