JioBlackRock receives Sebi approval to launch mutual fund business in India
BlackRock manages assets worth $11.58 trillion globally as of March 31. Blackrock had exited India in 2018 by selling its stake in DSP Blackrock Mutual Fund.
JioBlackRock, a joint venture between Mukesh Ambani's Jio Financial Services and BlackRock, is set to launch its mutual fund business in India. The company has received approval from Sebi. Sid Swaminathan of BlackRock has been appointed as managing director and chief executive. This marks BlackRock's re-entry into the Indian market after exiting in 2018.
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Mumbai: JioBlackRock Asset Management, a joint venture between Mukesh Ambani's Jio Financial Services and US-based BlackRock, has received Sebi approval to start the mutual fund business in India.Sid Swaminathan, a BlackRock veteran, has been appointed as its managing director and chief executive, said a release.In July 2023, Jio and BlackRock had announced a pact to create Jio BlackRock, a 50:50 JV, marking the US-based asset manger's re-entry into the Indian market after it exited in 2018. BlackRock manages assets worth $11.58 trillion globally as of March 31. Blackrock had exited India in 2018 by selling its stake in DSP Blackrock Mutual Fund.
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