Reliance Retail in finance venture with Citigroup

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.