According to a report at NDTV.com India’s massive private-sector firm, Reliance Industries is currently talking upon a jewellery retail joint venture with Rajesh Exports, a Bangalore-based jeweller which also recently took over the Oyzterbay retail chain.

Reliance would contribute majority of the Rs.4,000 crore ($988 million) investment, which will be raised partly as debt said the sources in the report. It is uncertain as to whether the jewellery will be sold through a new jewellery retail chain or Rajesh Exports’ existing outlets.