The world's biggest asset manager, BlackRock, is in talks with Mukesh Ambani-led Reliance Group firm Jio Financial Services to set up a private credit venture, as reported by Bloomberg. The two companies will reportedly form a 50-50 joint venture to lend to businesses ranging from large companies to startups, if talks materialize.
The report further added that a final decision on the venture was yet to be made.
India is seeing strong demand for private credit with a growing number of Indian alternative investment funds expanding their businesses in the category, mirroring a pick-up in activity across Asia. This would be the third JV between the U.S.-based asset management firm and the Indian financial services company. Earlier, the two companies had announced ventures to start asset management and broking businesses in India.
Earlier this month, the companies got approval of the country's markets regulator to act as co-sponsors and set up a mutual fund business in the country.
Both BlackRock and Jio Financial declined to comment on the development.
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