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

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. Last year, Reliance and D.E. Shaw created a joint infrastructure fund and began talks about creating joint private equity vehicles.