The largest asset manager in the world, BlackRock, is allegedly in advanced talks with Jio Financial Services, the financial division of Mukesh Ambani's Reliance Group, a move that might upend the Indian financial industry.

BlackRock , the world's biggest asset manager, is in talks with Mukesh Ambani-led Reliance Group firm Jio Financial Services to set up a private credit venture, Bloomberg News reported on Wednesday, citing people familiar with the matter.

BlackRock Inc., the world’s largest asset manager, is in discussions with Mukesh Ambani’s Jio Financial Services Ltd. to launch a private credit venture, aiming to tap into the growing direct lending market in India,

The 50-50 joint venture will lend to businesses ranging from large companies to startups, the people said, asking not to be identified as the information is not public

Jio Financial and U.S.-based BlackRock got in-principle approval from India's markets regulator to act as co-sponsors and set up a mutual fund business in the country, the Mukesh Ambani-led Reliance Group company said on Friday.

India has been a bright spot for private credit in Asia, with global firms like Apollo Global Management, Cerberus Capital Management LP and Varde Partners stepping up their operations, lured by the increased funding needs of local firms.

BlackRock is in talks with Jio Financial Services to establish a private credit venture in India, capitalizing on the country's growing direct

The JV of BlackRock and Jio Financial Services will be the third-one in the country following the proposed joint ventures of asset managers and stock broking businesses in the country.