The much awaited joint venture between India’s giant Reliance Industries and US’s D E Shaw is set to finalize after a year of talks and formalities. Reliance Industries one of India’s leading conglomerates with annual revenue of US$ 58 billion and a Fortune 500 company.

The Joint venture between the two will focus on the growing financial services sector in India. The companies have planned to float a NBFC (Non Banking Financial Company) and offer private equity and investment banking services.

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However latest reports from inside the joint venue say the firms will focus on proprietary trading business, with a focus on crude and forex trading.

Reliance is an old veteran in the Forex market. It signed a historic exclusive partnership with UK’s CMC Markets to be the first major Indian broker offering FX and CFD trading.

Local Indian banking laws mean that sending funds out of the country is problematic for margin trading.

Forexmagnates team compiled a detailed overview of the Indian FX market in the Q2 report of 2011.