MUMBAI (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)