RIL CFO may be MD of D E Shaw JV

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Two weeks after Reliance Industries (RIL) announced its entry into financial services through a joint venture with New York-based D E Shaw Group, Alok Agarwal, RIL chief financial officer is tipped to be the managing director of the joint venture.

Agarwal has been associated with RIL for over 10 years. Before working for to RIL, he was with Bank of America for 12 years. Agarwal serves on the boards of Reliance Capital Asset Management Limited, Reliance Telecom Limited and Reliance Industrial Investment & Holding Limited.

V Srikant, RIL’s deputy chief financial officer, is tipped to take over as the new RIL CFO. Srikant joined RIL in June 2010, after his 20-year stint with Citigroup Inc, where he was head of markets, South Asia. Srikanth was also the country treasurer for Citi in India and is a director in Citi’s group company, Citicorp Capital Market Ltd

The RIL-D E Shaw joint venture would incorporate the 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. 

Mukesh Ambani and his younger brother, Anil, ended a pact last year that had prevented them from competing in each others’ businesses.