RIL in talks with Nova Chemicals for JV

Reliance Industries (RIL) is understood to be in advanced stage of discussions with North American plastics and petrochemicals major Nova Chemicals as part of its bid to spread wings to foreign shores.

RIL group chairman Mukesh Ambani, who leads India Inc on the world's list of billionaires with a net worth of over $20 billion, is in the US with his top confidantes to discuss a potential joint venture with Nova Chemicals, sources close to the development said.

No official comments could be obtained from executives of RIL, which is also looking for a possible acquisition in the global retail space and is understood to be talking to Carrefour and the likes of Sainsbury and Marks and Spencer.

The planned alliance with Nova Chemicals, which has operations across the US, Canada and Europe with an annual turnover of over $6.5 billion, could include product swaps, infrastructure sharing as well as joint exploration of business growth opportunities.

RIL has made presentations to Nova and Dow Chemicals, sources said, indicating that Nova appeared to be on the radar of India's biggest corporate house as of now and an alliance announcement could be made soon.

If all goes well, the two companies could also consider equity partnership at a later stage of the joint venture, sources said.

Nova officials were not available for comments.