Reliance targets Western retail with £12bn war chest

Giant Indian conglomerate Reliance Industries has stoked rumours that it is gearing up for the takeover of a major Western retailer by sending a reconnaissance team to Europe and America.

Reliance, headed by the world's 14th richest man Mukesh Ambani, is believed to have a war-chest of as much as INR1 trillion (£12 billion).

'He has had quite a hefty fact-finding team in Europe for a few days, then in the states,' said a source close to Reliance, who added that he has appointed a very senior aide to assess strategic alliances and acquisitions.

'Ambani has very deep pockets,' the source said.