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Business News/ Companies / Mukesh Ambani, DE Shaw close to JV: report
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Mukesh Ambani, DE Shaw close to JV: report

Mukesh Ambani, DE Shaw close to JV: report

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Mumbai: Indian billionaire Mukesh Ambani is close to signing an equal joint venture with US private equity and hedge fund giant DE Shaw to enter the financial services sector, the Economic Times reported on Wednesday, citing two people familiar with the matter.

The tie-up will enable the Mukesh Dhirubhai Ambani group, whose flagship is Reliance Industries, to offer services like energy and carbon trading and related derivatives, the newspaper said, citing one of the sources.

It will also participate in sectors such as private equity and mutual funds, the other source told the newspaper.

No financial terms were available and it was not clear whether the joint venture would be set up under Reliance or held directly by Ambani, the report said.

Reliance Industries declined to comment. A front-desk attendant at DE Shaw’s office in India said there was no one available for comment.

Mukesh Ambani and his long-estranged younger brother Anil recently scrapped a pact that forbade them from competing on the each other’s turf, opening up sectors to the elder Ambani including telecom and financial services.

Mukesh has been widely expected to enter the financial sector since he and his brother ended the non-compete pact in May.

A source familiar with the matter has told Reuters Ambani is in talks to buy a majority stake in JM Financial Asset Management, which oversees $1.8 billion in assets.

At 0650 GMT, shares in Reliance were trading up 1.8% at Rs1,086.60 in a Mumbai stock market that was up 0.3%.

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Published: 30 Jun 2010, 12:38 PM IST
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