BlackRock and Jio Financial Services plan a joint venture for private credit in India, their third collaboration.

BlackRock is negotiating with Jio Financial Services, part of Mukesh Ambani's Reliance Group, to create a 50-50 joint venture focused on private credit in India. This would be their third collaboration, following ventures in asset management and brokerage. The partnership aims to address the growing direct lending needs of Indian businesses, amid a surge in private credit investments in the country, which reached $6 billion in early 2024.