D.E. Shaw joins forces with Indian billionaire

D. E. Shaw, with $20 billion of assets under management worldwide, and Indian power major Reliance Industries Limited and have entered into a JV to launch a domestic financial services outfit. Financial and management specifications of the venture were not disclosed, but a statement notes that the two companies look to combine D. E. Shaw's investment knowledge with Reliance's understanding of the Indian landscape.

The matchup is amply advantageous to both. Ambani, who has held a seat on D.E. Shaw's advisory board, has long held ambitions to enter India's financial services market, a territory that has been held by his younger brother, Anil. Meanwhile, D.E. Shaw has made huge strides in establishing its brand in India as a provider of various financial instruments including private equity. D.E. Shaw has grown to more than 700 employees in Hyderabad, Gurgaon and Mumbai. At its India launch in 1996, it focused on global IT opportunities, but it has now widened its focus to include a range of sectors.

"We have had a long-term commitment to Asia generally and to India specifically, having begun our operations in the country fifteen years ago," Lou Salkind, a member of the D. E. Shaw group's Executive Committee, said in relation to the JV.

Reliance Industries claims to be India's largest private sector enterprise, with business assets in the areas of energy, specifically oil, gas, petroleum, refining and all the marketing and retailing connected with it. The group claimed annual revenues of more than $44 billion.

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• Topics
• South Asia
• Financing
• D. E. Shaw