BENGALURU (Reuters) – BlackRock (NYSE: ), the world’s largest asset manager, is in talks with Mukesh Ambani-led Reliance Group’s Jio Financial Services to set up a private credit venture, Bloomberg News reported on Wednesday, citing people familiar with the matter. matter.
The two companies will form a 50-50 joint venture to lend to businesses ranging from large companies to startups if talks materialize, the report said, adding that a final decision on the venture has yet to be made.
BlackRock declined to comment, while Jio Financial did not immediately respond to a Reuters request for comment.
India is seeing strong demand for private credit with a growing number of Indian alternative investment funds expanding their business in the category, reflecting a surge in activity across Asia.
This will be the third joint venture between the US-based asset management firm and the Indian financial services company after they announced ventures to launch asset management and brokerage businesses in India.
Earlier this month, the companies received approval from the country’s market regulator to act as co-sponsors and set up mutual fund businesses in the country.
