i Develop Stocks Advisory

Reliance eyeing global partners Mukesh Ambani-owned Reliance Retail is scouting for international partners for its retail business in addition to the joint ventures already announced for various store formats. The company announced its focus on rapid expansion of the existing and other new formats during the current financial year. Stating that Reliance Industries Ltd. (RIL) recognised the importance of “strategic alliances” as key to drive its retail business, the company said it had established joint ventures with international partners in apparel, optical and office products businesses during 2007-08, according to annual report sent to the shareholders. It said the company would continue to seek synergistic opportunities with other international players. Drawing parallels with the urban and industrial prosperity brought in by sectors such as IT and communications, it said its retail business would bring about prosperity in the rural part of the country.