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The Five-Minute Billion-Dollar Ride: How Mukesh Ambani And Larry Fink Birthed Jio BlackRock
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Reliance Industries (RIL) Chairman Mukesh Ambani and BlackRock Chairman and CEO Larry Fink engaged in a riveting conversation at the JioBlackRock event ‘Investing for a New Era’
Mukesh Ambani and Larry Fink at the Jio BlackRock fireside chat. Image/News18
In a high-powered fireside conversation on Wednesday, Reliance Industries Chairman Mukesh Ambani and BlackRock Chairman and CEO Larry Fink shared the remarkable origin story and the ambitious future of their joint venture, Jio BlackRock.
The youngest fund house in India has achieved a staggering feat: in less than six months since launching its first fund in mid-2025, it has crossed Rs 13,700 crore in assets under management (AUM) across 13 schemes.
The Five-Minute Car Ride Deal
The partnership, a $300 million equal joint venture between Jio Financial Services and BlackRock, was famously forged during a simple car ride in 2023.
“It was a conversation that we had in 2023, and it took me five minutes to say, ‘Larry, BlackRock should be back in India.’ And he said, ‘Will you partner with me?'” recalled Mukesh Ambani at the JioBlackRock event ‘Investing for a New Era’.
Larry Fink, whose firm manages a world-leading $14 trillion in assets, echoed the sentiment of speed and trust. “We had to go from point A to point B, and we accomplished it in that car ride,” the 73-year-old CEO remarked, noting that the deal reflected a “long-term optimism” for the Indian economy.
Democratising Wealth: From Savers to Earners
The conversation highlighted a massive shift in Indian household habits. The Indian mutual fund industry has ballooned nearly sevenfold in the last decade, reaching Rs 80.23 trillion by December 2025. Ambani emphasised that the mission is to unlock the “unproductive” savings of Indians.
The Opportunity: Household savings in equity and mutual funds rose from 2% in 2012 to over 15% in 2025.
The Goal: To encourage Indians to convert those savings into consistent earnings through accessible, tech-driven investment options.
BlackRock’s Strategic Bet on India
For Larry Fink, the partnership is about finding partners with the “guts to break the mould”. He stressed that BlackRock’s purpose in India transcends short-term returns.
“If I cannot put this money to work first for the betterment of society and as a byproduct I give my investors and shareholders returns, then I wouldn’t have done my job,” Fink stated.
BlackRock COO Rob Goldstein added that with India poised to become the world’s third-largest economy, the mutual fund industry—currently under a trillion dollars—is just at the beginning of its growth curve. To further this, the venture recently launched a digital advisory platform powered by BlackRock’s Aladdin technology, offering personalised investment advice for as little as Rs 350 a year.
With banking veteran KV Kamath predicting the industry will double again in the next five years, the Ambani-Fink alliance is positioned as the primary catalyst for India’s “wealth inclusion” era.
February 04, 2026, 18:10 IST
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