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Mukesh Ambani and Larry Fink reveal how a 5-minute car ride led to a $300 million joint venture
Reliance Industries Chairman Mukesh Ambani and BlackRock CEO Larry Fink were in a conversation during JioBlackRock's 'Investing for a New Era' event.
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India’s billionaire Mukesh Ambani, at a recent event, recalled how a million-dollar deal between him and BlackRock’s Larry Fink, which led to Jio BlackRock, was struck during a 5-minute car ride. The Reliance Industries Chairman recalled the incident while in conversation with the BlackRock CEO at the JioBlackRock's 'Investing for a New Era' event held in Mumbai.
“It was a conversation that we had in 2023 and it just took me 5 minutes to say ‘Larry, Blackrock should be back in India’.” At this point, Fink added, “During a 5-minute car ride. We had to go to Point A and Point B and we accomplished it in a car ride.”
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Ambani continues, “And here you are with your full team. So, thank you for coming back to India and India warmly welcomes you.”
What is JioBlackrock?
According to the official website, it is a “joint venture that combines BlackRock’s global investment expertise with Jio Finance’s strong digital capabilities. Its goal is to make investing simpler, more accessible, and tailored to individual needs. Through a blend of advanced technology and professional investment management, JioBlackRock offers solutions designed to help more and more people to build and grow their wealth confidently, whether they are beginners or experienced investors.”
As per BlackRock’s office website, Jio Financial Services Limited (JFS) and BlackRock entered the joint venture with an initial investment of US$150 million each.
What is Larry Fink’s net worth?
According to Forbes, the founder and CEO of BlackRock has a net worth of $1.2 billion. His firm is considered one of the world's largest asset managers. Currently, BlackRock has $11.6 trillion in assets under management.
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What is Mukesh Ambani’s net worth?
Mukesh Ambani is the chairman of Reliance Industries, a $125 billion (revenue) conglomerate spread across several sectors, including media, retail, financial services, oil and gas, telecom, and petrochemicals. According to Forbes, his net worth is estimated at $103.3 billion.
