Reliance Retail & Citibank tie-up

Mukesh Ambani’s Reliance Retail and Citibank have agreed to float a 50:50 joint venture for consumer finance. The two partners are believed to have decided on giving Sandeep Soni, who heads Citibank’s new strategic initiatives for alliance and partnerships, the charge of the new venture.
The JV would will focus on more than 38 lakh customers of Reliance Retail loyalty programme Reliance One. The proposed entity is expected to largely deal in loans and credit cards for the country’s leading retail chain. Reliance Retail has over 1,000 stores across the nation.