MUMBAI, May 27 (Reuters) - Billionaire Mukesh Ambani-led

Reliance Group and U.S.-based BlackRock ( BLK ) have received

approval from India's markets regulator to start operations for

their mutual fund business, the Indian company said on Tuesday.

Jio Financial Services, a part of the Reliance

Group, had in July 2023 announced the formation of a 50:50 joint

venture with the world's largest asset manager to launch asset

management services in India.

The JV, Jio BlackRock Asset Management, plans to launch a

range of investment products in the coming months based on a

"digital first" approach for retail and institutional investors.

The products will apply BlackRock's ( BLK ) capabilities in

data-driven investing including 'Aladdin', the U.S.-based firm's

investment and risk management system, Jio BlackRock said.

Sid Swaminathan, who previously headed International Index

Equity at BlackRock ( BLK ), has been appointed as the managing director

and chief executive at Jio BlackRock.

India currently has 44 asset management companies that

manage a total of 69.50 trillion rupees ($813.8 billion).

($1 = 85.4075 Indian rupees)

(Reporting by Jayshree P Upadhyay; Editing by Mrigank

Dhaniwala)