BlackRock CEO Larry Fink, Mukesh Ambani meet PM Modi ahead of fund launch

BlackRock CEO Larry Fink, the world's largest asset manager overseeing more than $9 trillion in assets, recently visited India for a brief trip to meet with his business partner, Mukesh Ambani, according to sources. During his visit, Fink, alongside Reliance Ambani, also held a meeting with Indian Prime Minister Narendra Modi in New Delhi.

In Mumbai, Fink, who has gained attention in corporate America for his stance on ESG (Environmental, Social, and Governance) issues, toured the extensive 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 is the first visit since the announcement of their asset management joint venture (JV) by Jio Financial Services and BlackRock in July. This JV aims to launch a digital-first asset management platform to serve the growing investor base in India. Both partners committed to investing up to $150 million in this 50:50 venture.

India's role in global digital transformation

At RIL's 46th annual general meeting in August, Fink highlighted BlackRock's significant presence as a non-Indian investor in India and recognised India's role in leading global digital transformation, partly due to the remarkable digital and consumer ecosystem created by Reliance and Jio.

Fink's visit to India signifies his second attempt to engage Indian retail investors, as he previously sold his stake in a previous alliance with the Hemendra Kothari-led DSP Group in 2018. There were subsequent discussions about a potential joint venture with the HDFC Group, but it didn't materialise.