RIL had entered into this pact 10 months after the Ambani siblings ended a non-compete pact that barred the elder brother from entering into financial services and telecom sector.
Reliance said that it will offer an array of financial services, without providing details on investment, the stake each partner would hold, or the specific services the venture would offer.
According to local media reports, the two firms are likely to seek regulatory permission to establish a non-banking finance company or (NBFC).
Reliance Industries chairman and managing director Mukesh Ambani said that Reliance is delighted to partner with the DE Shaw group in the financial services domain. The DE Shaw group is a natural partner for Reliance.
DE Shaw group executive committee member Lou Salkind said the company believe this joint venture allows the group to apply to the Indian markets the historical success in investment management and market-making, and that strengthening the presence in India and deepening the relationship with Reliance benefits group’s business globally.
DE Shaw group head of private equity activities in India and managing director Anil Chawla said that this joint venture will draw upon the core competencies of both firms to develop a platform that can serve the growing needs of Indian companies and individuals.
