Rel Retail, Citi to float consumer finance JV

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Mukesh Ambani's Reliance Retail and Citibank have agreed to float a joint venture for consumer finance, reports CNBC-TV18. A news agency reports that Sandeep Soni, Head of Citi's new Strategic Initiatives for Alliance and Partnerships, will be in charge of the new venture. The two partners are expected to make an announcement in the coming days.

 

The venture is expected to deal in loans and credit cards, initially focusing on more than 38 lakh customers of Reliance Retail's loyalty programme, Reliance One. Reliance Retail plans to set up 1,000 stores across the nation.