BlackRock Inc., the world’s largest asset manager, is reportedly in discussions with billionaire Mukesh Ambani’s Jio Financial Services Ltd. to establish a private credit venture. The goal is to tap into the expanding direct lending opportunities in India, according to Bloomberg.
According to Bloomberg, the proposed 50-50 joint venture aims to provide credit to a wide range of businesses, from large corporations to startups. If the deal proceeds, it would mark the third venture between BlackRock and Ambani, following their collaborations in asset management and stock broking businesses.
India has become a significant destination for private credit in Asia, attracting global firms like Apollo Global Management, Cerberus Capital Management LP, and Varde Partners. In the first half of 2024 alone, private credit investments in India reached a record $6 billion, according to a report by EY.
While discussions are ongoing, no final decision has been made. Both companies have declined to comment on the matter. If successful, this venture would further cement the growing private credit space in India, driven by the increasing funding needs of local firms.
