subject: Mukesh Ambani De Shaw Jv [print this page] The Mukesh Dhirubhai Ambani Group is close to signing a 50:50 joint venture with global private equity and hedge fund company DE Shaw to enter the financial services sector. After its recent entry into the telecom sector, energy giant Reliance Industries, controlled by billionaire Mukesh Ambani, might very soon sign a pact with global hedge fund DE Shaw to launch a $700-$800 million infrastructure fund.
Trading in energy, carbon and derivatives may be offered and the joint venture may also look at offering private equity and mutual funds. RIL sources confirmed the announcement regarding the joint venture will be made shortly.
Recently, Mukesh Ambani and his younger brother Anil Ambani scrapped a pact in May this year that had earlier prevented them from entering each other"s businesses. As a result, sectors like telecom, power and financial services were open to Mukesh Ambani. Earlier, there were media reports of him being in talks to buy a significant stake in Nimesh Kampani"s JM Financial Asset Management, which oversees $1.8 billion in assets.
Mukesh Ambani is on the DE Shaw, India, controlling board, an entity which oversees the operations here. The negotiations are being handled by Manoj Modi, a close lieutenant of Mukesh Ambani. The joint venture may eventually seek a banking license in India.
