Reliance Industries to foray in Gulf

Dubai, June 1: Indian conglomerate Reliance Industries Ltd, headed by Anil Ambani, is planning to foray into the Gulf region in sectors such as telecommunications, power, film entertainment and financial services, Group Managing Director Gautam Doshi said. ''We are looking for opportunities and a general interest lies in the Gulf area,'' he told Gulf News.

A couple of months ago Mukesh Ambani had visited Dubai and met with the ruler Shaikh Mohammed. Mr Ambani said his group was looking at opportunities in crude oil refining and other areas. Reliance Capital, Anil Ambani Group's financial services arm, has applied for a licence to operate from the Dubai International Finance Centre (DIFC). DIFC officials are looking into the nature of Reliance Capital's business before deciding on the application.

The company hopes to tap the large Indian clientele in UAE for selling products like mutual funds and insurance policies.

Mr Doshi said Reliance is also keen to develop power projects in the region. He said the group is willing to join hands with Arab investors and use Gulf money in its overseas acquisitions.

''We can look at Gulf money whether it is equity, debt or a combination of both, or some other form in which we do a partnership. We would be open to any good idea. By and large, we have so far funded our acquisitions from within the group,'' Mr Doshi informed.

UNI