Jio Financial Services and BlackRock, Inc. will form a 50-50 joint venture to launch asset management services in India, according to a Reuters report. The two companies will invest $150 million each in the joint venture, which will leverage BlackRock’s expertise in investment and risk management, as well as Jio Financial Services’ technology capabilities and market expertise. The joint venture is expected to launch a “digital-first” offering following regulatory approvals.

The announcement comes days after Jio Financial Services was demerged from Reliance Industries, with the markets ascribing a valuation of nearly $20 billion to the venture. India’s asset management industry has seen rapid growth in recent years and has 44.3 trillion Indian rupees ($540.4 billion) in assets under management. “The partnership will leverage BlackRock’s deep expertise in investment and risk management along with the technology capability and deep market expertise of JFS to drive digital delivery of products,” said Hitesh Sethia, CEO of JFS in the statement.

The joint venture is expected to help India’s asset management industry grow further. It will target both retail and institutional investors, and will focus on providing digital investment solutions to Indian investors. The joint venture is expected to be launched in 2023.