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

GSAM's Papagiannis: Liquid Alternatives For The Long Run

Apr 21 2017 | 8:44pm ET

Interest in liquid alternatives cooled a bit last year amid a broad shift in investor...

Lifestyle

Aston Martin Returns To Debt Market As DB11 Drives Turnaround

Mar 31 2017 | 5:21pm ET

James Bond’s preferred carmaker is returning to the public debt markets for the...

Guest Contributor

Debunking Conventional Investment Wisdom (Part II)

Apr 17 2017 | 5:56pm ET

The alternative investment industry is currently replete with buzzwords around data...

 

From the current issue of