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MUMBAI (Reuters) -Billionaire Mukesh Ambani-led Reliance Group and U.S.-based BlackRock have received approval from India's markets regulator to start operations for their mutual fund business, the Indian company said on Tuesday.
Jio Financial Services, a part of the Reliance Group, had in July 2023 announced the formation of a 50:50 joint venture with the world's largest asset manager to launch asset management services in India.
The JV, Jio BlackRock Asset Management, plans to launch a range of investment products in the coming months based on a "digital first" approach for retail and institutional investors.
The products will apply BlackRock’s capabilities in data-driven investing including 'Aladdin', the U.S.-based firm's investment and risk management system, Jio BlackRock said.
Sid Swaminathan, who previously headed International Index Equity at BlackRock, has been appointed as the managing director and chief executive at Jio BlackRock.
India currently has 44 asset management companies that manage a total of 69.50 trillion rupees ($813.8 billion).
($1 = 85.4075 Indian rupees)
(Reporting by Jayshree P Upadhyay; Editing by Mrigank Dhaniwala)