JioBlackRock receives Sebi approval to launch mutual fund business in India

Mumbai: JioBlackRock Asset Management, a joint venture between Mukesh Ambani's Jio Financial Services and US-based BlackRock, has received Sebi approval to start the mutual fund business in India.

Sid Swaminathan, a BlackRock veteran, has been appointed as its managing director and chief executive, said a release.

In July 2023, Jio and BlackRock had announced a pact to create Jio BlackRock, a 50:50 JV, marking the US-based asset manger's re-entry into the Indian market after it exited in 2018. BlackRock manages assets worth $11.58 trillion globally as of March 31. Blackrock had exited India in 2018 by selling its stake in DSP Blackrock Mutual Fund.