D.E. Shaw, Indian Billionaire Plan Financial Services Venture

Mar 28 2011 | 1:29am ET

D.E. Shaw Group is expanding its relationship with India's richest man with a new financial-services joint venture.

Mukesh Ambani's Reliance Industries said yesterday that it has reached a deal with the New York-based hedge fund to begin offering financial services in the subcontinent. The agreement has been some time in coming; Ambani and his estranged brother, Anil, ended the non-compete agreement that has kept the oil billionaire out of the financial services sector last year. Shortly afterwards, Reliance and D.E. Shaw created a joint infrastructure fund and began talks about creating joint private equity vehicles.

The two sides have also mulled a joint carbon-trading venture.

In a statement, Reliance said it would rely on D.E. Shaw's "investment and technology expertise" while contributing "operational knowledge and extensive presence" in India.

No financial, or other, terms of the agreement were released.


In Depth

Fundraising for Mid-Sized PE Funds: Should You Use a Registered B/D?

Dec 6 2016 | 7:18pm ET

When does a fund sponsor need to use a registered broker/dealer when raising capital...

Lifestyle

Trump Attends 'Villains and Heroes' Costume Party Dressed As...Himself

Dec 5 2016 | 11:16pm ET

U.S. President-elect Donald Trump attended a "Villains and Heroes" costume party...

Guest Contributor

A Hard Look At Your ‘Soft’ Hedge Fund Marketing Information

Dec 8 2016 | 9:03pm ET

Conventional wisdom holds that due diligence examines quantitative as well as qualitative...

 

From the current issue of

Since the inception of Modern Trader, a core editorial theme has centered on the wisdom and power of crowds. Editorial emphasis has focused on companies and projects engaged in the collection and analysis of information. 

AVAILABLE NOW at BARNES & NOBLE

NEWSTAND LOCATOR