BlackRock in talks with India’s Jio Financial for private credit business: report

BlackRock, the world’s largest asset manager, is in talks with Jio Financial Services, a unit of Mukesh Ambani’s Reliance Group, Bloomberg reported on Wednesday, citing people familiar with the matter. , to establish a private credit enterprise.

If the talks materialize, the two companies will form a 50-50 joint venture to provide loans to businesses ranging from large companies to start-ups, the report said, adding that a final decision on the venture has not yet been made.

BlackRock declined to comment, while Jio Financial did not immediately respond to a Reuters request for comment.

Demand for private credit in India is strong, with a growing number of Indian alternative investment funds expanding their presence in the category, reflecting a pickup in activity across Asia.

This will be the third joint venture between the US asset manager and the Indian financial services firm after they announced a joint venture to launch asset management and brokerage businesses in India.

Earlier this month, the companies received approval from the country’s market regulator to serve as co-sponsors and set up mutual fund operations in the country.