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Manoj Modi to head the RIL JV with DE Shaw Group
The Mukesh Ambani-run Reliance Industries Limited (RIL) has become part of the financial services sector of India via a joint venture with DE Shaw group of financial services, a $ 20 billion hedge fund founded by the American mathematician David Shaw
MUKESH AMBANI run Reliance Industries Limited (RIL) becomes a part of the financial services sector of India via a joint venture with DE Shaw group of financial services, a $ 20 billion hedge fund founded by the American mathematician David Shaw.

Chairman Mukesh Ambani stated, "Reliance is delighted to partner with D E Shaw group in the financial services domain. DE Shaw group is a natural partner for Reliance. Together, we look forward to participating in the growing Indian financial services sector.” As a part of this undertaking, services such as energy and carbon trading, energy and carbon derivatives, private equity, mutual funds and other security-linked products are likely to be offered.

The joint venture hopes to draw upon the core competencies of both of the distinguished market leaders in respective fields of play, so as to cater to the changing financial needs of Indian companies and individuals better. It will look to channelize DE Shaw’s technical and investment expertise in the field of financial services via Reliance’s extensive market network and operational dexterity. Given RIL’s omnipresence, the JV hopes to reach out to the larger segment of population with an array of services that are comprehensive and dynamic.

The joint venture, its shareholding patterns and the areas of financial services it aspires to tap will be finalised in the near future. It is expected that Manoj Modi, Mukesh Ambani’s man Friday, will head the venture operations.

“We believe this joint venture allows us to apply to the Indian markets our historical success in investment management and market-making, and that strengthening our presence in India and deepening our relationship with Reliance benefits our business globally”, said Lou Salkind, member of the DE Shaw Group’s executive committee.

Due to a non-compete agreement signed as a result of division of Reliance empire, Mukesh Ambani could not enter the financial services segment earlier on. Following the dissolution of pact earlier last May, Mukesh Ambani can now bite into this lucrative segment, in hopes of capturing the larger asset chunk.

 


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