Citibank has revealed that it will soon enter into a 50:50 joint venture (JV) with Mukesh Ambani-owned Reliance Retail with the aim to distribute the former`s consumer finance products such as loans and credit cards.

According to the sources, the JV is likely to work as a non-banking financial conglomerate (NBFC) with a combined investment of Rs 5 billion.

Citibank has already commenced distributing its retail banking products through Reliance Retail. Citibank has pumped about US$ 62 million in the partnership. 

In the beginning, the joint venture would target Reliance Retail’s large customer base, which is estimated at around 4 million. At present, Reliance Retail, has over 1,000 retail outlets across India.

According to the reports, the proposed JV is also expected to roll out a couple of new co-branded cards. 

Earlier, Citibank has forayed into a JV with Maruti Suzuki for car finance.

Stock of Reliance Industries ended the day ( 8, Oct) at Rs 1,648 on National Stock Exchange (NSE). The total volume of shares traded was 7,673,196 at the NSE (Wednesday).