OREANDA-NEWS. March 28, 2011. Reliance Industries Limited and the D. E. Shaw group announced today that they have agreed to establish a joint venture to build a leading financial services business in India. This joint venture will incorporate the D. E. Shaw group's investment and technology expertise with Reliance's operational knowledge and extensive presence across India to offer a comprehensive array of financial services to the Indian marketplace.

"Reliance is delighted to partner with the D.E. Shaw group in the financial services domain. The D.E. Shaw group is a natural partner for Reliance. Together, we look forward to participating in the growing Indian financial services sector," said Mr. Mukesh Ambani, the Chairman and Managing Director of Reliance Industries Limited.

"We are excited about this new partnership with Reliance. We have had a long-term commitment to Asia generally and to India specifically, having begun our operations in the country fifteen years ago," said Lou Salkind, a member of the D. E. Shaw group's Executive Committee. "We believe this joint venture allows us to apply to the Indian markets our historical success in investment management and market-making, and that strengthening our presence in India and deepening our relationship with Reliance benefits our business globally."

"This joint venture will draw upon the core competencies of both firms to develop a platform that can serve the growing needs of Indian companies and individuals," said Anil Chawla, a Managing Director and head of the D. E. Shaw group's private equity activities in India.