Jio Financial Services Limited (JFS) and BlackRock have announced an agreement to form Jio BlackRock, a 50:50 joint venture to deliver tech-enabled access to affordable, innovative investment solutions for millions of investors in India.

JFS and BlackRock are targeting initial investment of US$150 million each in the joint venture.

The partnership aims to transform India’s asset management industry through a digital-first offering and democratize access to investment solutions for investors in India.

Cyril Amarchand Mangaldas acted for Jio Financial Services Limited and the team was led by Partners L Viswanathan and Anu Tiwari.

AZB & Partners acted for BlackRock with a team led by Partners Ashwath Rau, Vipul Jain and Aditya Alok along with Senior Associate Saras Mazumdar and Associate Dishti Kaji.

The joint venture will launch operations post receipt of regulatory and statutory approvals. The company will have its own management team.