Larry Fink, the world’s largest asset manager with over $9 trillion in assets, recently undertook a brief visit to India to meet his business partner, Mukesh Ambani, informed sources told ET. During his visit, Fink along with RIL chairman Ambani, also had a meeting with Prime Minister Narendra Modi in New Delhi, sources said.
In Mumbai, Fink, who has stirred controversy in corporate America due to his stance on ESG (Environmental, Social, and Governance) issues, toured the expansive Jio Campus in Navi Mumbai and RIL’s high-end retail hub in the Bandra Kurla Complex. He also had discussions with senior leadership.
This visit marks Fink’s second trip to India in recent times, and the first since the announcement of their asset management joint venture (JV) by Jio Financial Services and BlackRock in July. This initiative aims to launch a digital-first asset management platform to cater to the growing investor base in India. Each partner pledged investments of up to $150 million in this 50:50 JV.
At RIL’s 46th annual general meeting in August, Fink highlighted BlackRock’s significant presence as a non-Indian investor in India and acknowledged India’s role in the forefront of global digital transformation. This, in part, is due to the impressive digital and consumer ecosystem established by Reliance and Jio, unmatched elsewhere in the world, he said.