After foraying into the telecom space in June 2010, soon after the non-compete agreement with the Reliance Anil Dhirubhai Ambani Group (ADAG) was scrapped, Reliance Industries (RIL) has now decided it wants to play in the fast-growing Indian financial services sector.On Sunday, India’s largest company by market value, announced it had inked a joint venture agreement with DE Shaw Group to establish financial services business in India.
“Reliance is delighted to partner with the DE Shaw Group in the financial services domain. The DE Shaw Group is a natural partner for Reliance. Together, we look forward to participate in the growing Indian financial services sector,” Mukesh Ambani, chairman and managing director, Reliance Industries, said in a statement.
Although, DE Shaw’s expertise lies in the area of investments, such as private equity, and market-making, the announcement is significant since the Reserve Bank of India (RBI) and the finance ministry are currently thrashing out the norms for the entry of new players into the banking arena, by far the biggest and most promising piece of the financial services space.
About D E Shaw
The DE Shaw Group is a global investment and technology development firm. It is present in India since 1996 and has over 700 employees in Hyderabad, Gurgaon and Mumbai.
Source: Indian Express