Mukesh Ambani, DE Shaw close to JV: Report

Mukesh Ambani is to close to signing a joint venture deal with US private equity and hedge fund giant DE Shaw for a foray into the financial services sector, according to a report in the Economic Times newspaper yesterday. The report cited two unnamed familiar with the matter.

The tie-up would allow the Mukesh Dhirubhai Ambani group, with its flagship, Reliance Industries, offer services like energy and carbon trading and related derivatives, the newspaper said, citing one of the sources.

According to the other source, the group would also participate in sectors such as private equity and mutual funds. 

According to the report no financial terms were available and it was not clear whether the joint venture would be set up under Reliance or held directly by Ambani.

Mukesh Ambani and estranged younger brother Anil recently scrapped an agreement that

that disallowed competition on each other's turf. This has opened up sectors like telecoms and financial services to Mukesh that were previously barred.