BENGALURU (Reuters) – BlackRock (NYSE:)), the world’s largest asset manager, is in talks with Mukesh Ambani-led Jio Financial Services to set up a private lending venture, Bloomberg News reported on Wednesday, citing people familiar with the matter this company. material.
The two companies will form a 50-50 joint venture to provide loans to companies ranging from large companies to startups if the talks reach conclusion, the report said, adding that a final decision on the venture has not been taken yet.
BlackRock declined to comment and Jio Financial did not immediately respond to a Reuters request for comment.
India is seeing strong demand for private credit, and a growing number of Indian alternative investment funds are expanding into this category, reflecting increased activity across Asia.
This would be the third joint venture between the US asset management firm and the Indian financial services firm after they announced ventures to launch asset management and brokerage businesses in India.
Earlier this month, the companies received approval from the country’s regulator to act as co-sponsors and set up a mutual fund in the country.
