Hyderabad: Yemen-based business group, Hayel Saeed Anam Group (HSA) may tie up with Reliance Retail for setting up a retail chain in Yemen.
The group is weighing various options including forming a joint venture with Reliance or taking up an equity participation in the project. It is currently working out detailed modalities on this and plan to hold talks with the Mukesh Ambani controlled company soon.
HSA is one of the largest business groups in Yemen with interests in manufacture of FMCG products, processing, export and import of seafood, plastics, diary and bakery products, textiles, agriculture, banking, transportation, insurance, cosmetics and perfumes, etc.
The group is also engaged in buying and selling of refinery products.
Reliance Industries and International Finance Corporation hold stakes in an HSA controlled $532-million Ras Issa refinery project in Yemen.
The project will have the capacity to produce 8,000 tonnes of different refinery products and will be completed in three years.
Hood Oil, a subsidiary of HSA, is constructing the refinery project.