Mukesh Ambani-led , India’s largest private company, has entered into a joint venture with New York Stock Exchange-listed Nova Chemicals for jointly designing and constructing energy-efficient buildings in India.

The proposed new joint venture plans to leverage NOVA Chemicals' green building and construction technology to design, engineer and build a range of high-efficiency structures for the Indian sub-continent.

Under the pact, NOVA will provide turnkey facilities to build structures for RIL as per its requirements, and for other customers, initially within the Indian subcontinent. The first activity of the venture will be the construction of buildings for Reliance Retail in India.

Reliance will hold 51 per cent and Nova 49 per cent in the proposed JV.

Nova Chemicals is a plastics and chemicals company whose products are used in a range of applications, including food and electronics packaging, industrial materials, appliances and a range of consumer goods.

The JV is expected to be operational by the third quarter of 2008 after finalising the formal agreements.