Saturday, 28 May 2016
Last updated 6 hours ago
Aug 26 2010 | 12:58pm ET
New York hedge fund D.E. Shaw Group is poised to go into business with Indian energy giant Reliance Industries.
The two firms plan to launch a joint-venture infrastructure fund totaling US$700 million to US$800 million, the Times of India reports. The move could be the first in a series of business ventures for D.E. Shaw and Indian billionaire Mukesh Ambani’s Reliance: The two sides are already talking about a carbon-trading venture.
The D.E. Shaw-Reliance venture could also result in joint private equity funds, the Times reports.
Financial details of the deal remain unclear, although the Times said that D.E. Shaw representatives were in Mumbai last week to hammer out the details. Talks between the two sides began earlier this summer, after Mukesh Ambani and his estranged older Brother, Anil, ended their non-compete agreement, opening the financial services industry to Ambani and Reliance.