Mumbai:
Reliance Industries arm Reliance Retail Ltd is entering into a joint venture
with Citigroup to form a non-banking finance company, newspaper reports said.
Citigroup
is likely to own a majority stake in the joint venture, which will largely deal
in loans and credit cards for Reliance Retail customers, the paper said, citing
a source close to the development.The
investment was likely to be in the region of about Rs450 crore ($115 million),
it said.
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