BlackRock, the world’s largest asset manager, is in talks with Mukesh Ambani-led Jio Financial Services firm Reliance Group to set up a private credit firm, Bloomberg News reported on Wednesday, citing people familiar with the matter. .
The two companies will form a 50-50 joint venture to provide loans to companies ranging from large enterprises to startups, if talks materialize, 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.
India is experiencing strong demand for private credit and a growing number of Indian alternative investment funds are expanding their businesses in this category, reflecting a pick-up in activity across Asia.
This would be the third joint venture between the US-based asset management firm and the Indian financial services firm, after they announced ventures to start asset management and brokerage businesses in India.
Earlier this month, the companies obtained approval from the country’s markets regulator to act as co-sponsors and establish a mutual fund business in the country.
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