Mumbai: Reliance Capital through its unit Reliance Securities, is entering into a strategic alliance with Japan’s Daiwa Securities to set up an investment banking business in India, the Economic Times reported on Tuesday.
The deal will enable the two firms to share clients in their domestic markets. With Daiwa, Reliance Capital will be able to tap Japan’s pool of high net worth individuals, the report said quoting an unidentified official involved in the deal.
The two companies were in an advanced stage of negotiations to finalise the deal, the report said, attributing it to two other unidentified officials involved in the negotiations.
A Reliance Capital spokesman declined to comment for the story.
Reliance Capital is the financial services firm controlled by the Anil Dhirubhai Ambani Group and Daiwa Securities is Japan’s No. 2 brokerage.