BlackRock and India’s Jio Financial Services will soon enter a joint venture to launch a “digital-first offering” in India.

BlackRock and India’s Jio Financial Services will soon enter a joint venture to launch a “digital-first offering” in India.

Today, the world’s largest asset manager, BlackRock, announced it would join Jio Financial Services (JFS) in a 50:50 joint venture to launch asset management services in India. Joi Financial Services is part of Indian tycoon Mukesh Ambani’s Reliance Industries.

The venture, named “Joi BlackRock,” will see each company invest $150 million in the project and aims to offer “tech-enabled” access to “affordable, innovative investment solutions” to millions of Indian investors.

Today’s press release said the project would combine BlackRock’s “scale and investment expertise with Joi Financial Services’ knowledge and resources” to transform India’s asset management industry through a digital-first offering.