RIL in JV with DE Shaw for financial services
28 Mar 2011
Reliance Industries Ltd on Sunday announced an equal financial services joint venture with global private equity and hedge fund company DE Shaw.
The joint venture will build a financial services business in India, the companies said in a brief press statement.
The two groups have been in discussions for several months to start such a joint venture that would offer services like energy and carbon trading and derivatives linked to these, areas in which DE Shaw has expertise.
It will also enter more conventional sectors such as private equity, mutual funds, and other security-linked offerings, according to reports.
DE Shaw had approximately $19 billion in investment capital at the start of this year. It has offices in North America, Europe, the Middle-East, and Asia. The company was set up in 1988 and has an international reputation for innovation in financial products such as derivatives.
Mukesh Ambani-owned Reliance Industries is India's largest private sector company with operations in energy, oil exploration, and refinement.
