[1]New Delhi, April 17: Reliance Industries group is planning a big splash in financial services sector, but may take a path different than those adopted traditionally in the business of money.
RIL signed a joint venture with global private equity fund house DE Shaw in March for its financial sector foray and is now considering businesses where it can utilise its expertise and presence in sectors like energy and retail, as also its proposed telecom and power ventures. The businesses that RIL wishes to undertake with DE Shaw include energy trading, private equity, mutual fund, financial service distribution, infrastructure funding as also equity and debt funding for corporate sector, sources close to the development said.
The final contours of its partnership with DE Shaw, such as the shareholding pattern and businesses to undertake, may be discussed at RIL’s next board meeting on April 21. The group would look at serving both corporate and individual customers with an equal focus.
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