BlackRock, Inc. (NYSE:BLK) reportedly plans to establish a private credit venture with Indian billionaire and the richest Asian Mukesh Ambani’s Jio Financial Services Ltd.

Bloomberg, citing people familiar with the discussions, reported that the company is planning to expand into the direct lending space in India.

Earlier this month, the companies received approval from India’s market regulator to serve as co-sponsors and establish a mutual fund business, reported Reuters.

It will be a 50-50 joint venture that will give loans from large companies to startups.

If the parties proceed toward the deal, it will be BlackRock’s third venture with Ambani after collaborating to create asset management and stock broking enterprises in the country.

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Given the bright opportunities, firms like Apollo Global Management, Inc. (NYSE:APO), Cerberus Capital Management, and Varde Partners are boosting their footholds in India.

A final decision regarding the venture has yet to be made, and the companies may ultimately choose not to proceed with the partnership, Bloomberg added.

Earlier this month, Blackrock reported third-quarter results, where it registered revenue growth of 15% year over year to $5.197 billion.

The company’s Chairman and CEO, Laurence D. Fink said, “We are effectively leveraging our technology, scale, and global footprint to deliver profitable growth.”

BlackRock registered $11.5 trillion in AUM, up $2.4 trillion year-over-year, driven by $456 billion of net inflows and positive market movement.

According to Benzinga Pro, BLK stock has gained over 58% in the past year. Investors can gain exposure to the stock via Fidelity Disruptive Finance ETF (NASDAQ:FDFF) and Capitol Series Trust The Nightview Fund NITE (NYSE:NITE).

Price Action: BLK shares are trading higher by 0.96% to $1,016.70 at last check Wednesday.

Read Next:

• BlackRock’s Steady Climb: Q3 Earnings Beat Projections, Assets Under Management Soars To $11.5T

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This article BlackRock In Talks To Deepen Ties With Mukesh Ambani For Private Credit Venture originally appeared on Benzinga.com

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