Indian energy major Reliance Industries, controlled by billionaire Mukesh Ambani, is close to inking a deal with hedge fund D.E. Shaw to launch a $700 million to $800 million infrastructure fund, the Times of India reported on Thursday.

Citing an unnamed source, the newspaper said the two firms were also looking at other areas such as carbon trading. Reliance declined comment.

Ambani struck a deal in May with his long-estranged brother Anil Ambani, allowing them to compete directly with each other. Mukesh has since pursued markets where Anil is an established presence.