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 (NYSE:BLK) is in talks with Jio Financial Services, which billionaire Mukesh Ambani owns a hefty stake, to establish a private credit venture in India, following the footsteps of global firms like Apollo Global Management (APO) to capitalize on the country's growing direct lending opportunities,

BlackRock Inc., the world’s largest asset manager, is in talks with billionaire Mukesh Ambani’s Jio Financial Services Ltd. to set up a private credit venture, aiming to tap the expanding direct lending opportunities in India,

BlackRock is reportedly in discussions with Jio Financial Services (JFS) to establish a private credit venture.

BlackRock and Jio Financial explore private credit venture to expand lending opportunities in India’s growing financial sector.

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.

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.