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.

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