Reliance Industries (RIL) Group is apparently talking to USD 6.5 billion U.S. based plastics and petrochemicals major Nova Chemicals about a joint venture (JV) that would include product swaps and infrastructure sharing. In search for growth and armed with Rs. 100,000 crore (USD 22.72 billion) cash, RIL has also presented to Dow Chemicals besides talking to Carrefour, Sainsbury, and Marks and Spencer.

However, Nova, which has a market cap of USD 2.5 billion and several manufacturing facilities including one in the U.S., six in Canada, two more in South America, and a presence in Europe through joint ventures, appears closest to a deal. RIL has already separated its overseas oil and gas projects into a separate business based out of Dubai which will now try to work with the Oil and Natural Gas Corporation (ONGC) to bid for overseas opportunities.

Apart from the available cash, RIL Group Chairman Mukesh Ambani has also set up an alternate trust that holds Rs. 25,000 crore (USD 5.5 billion) which can be leveraged to earn equivalent debt.