New Delhi: Reliance Industries on Monday said it will set up a joint venture with D E Shaw Group to establish financial services business in India.

DE Shaw group is a global investment and technology development firm. The company has its presence in India since 1996. Its investment activities in the country are spread across various sectors and the firm has over 700 employees in its Hyderabad, Gurgaon (Delhi), and Mumbai offices.

RIL in a statement said, "This joint venture will incorporate 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."

Lou Salkind, a member of D E Shaw Group's Executive Committee, said, "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".

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