"The financial services sector is poised for rapid and significant growth," Mukesh Ambani, CMD, Reliance, wrote in his letter to shareholders. "Several international companies have approached Reliance to be their partner of choice in establishing niche businesses in India. We will participate in this sector through partnerships with leading global companies," Ambani added. The statement comes at a time when there are reports about Reliance buying a substantial stake in IL&FS, one of the leading players in financing of infrastructure projects, and also about its foray into the life insurance space.

Ambani is now busy chalking out major plans in the financial services sector after he forged a deal with his younger brother, Anil, in May last year that allowed both to enter each others' business. At one point, Reliance had plans for a consumer finance joint venture with Citi but things didn't materialize as it competed with Anil's Reliance Consumer Finance. However, things started taking shape in March this year when the $58-billion company announced a joint venture with New York based DE Shaw Group to build a financial services business in India. While both the parties said that the venture will incorporate DE Shaw's investment and technology expertise with Reliance's operational knowledge and extensive presence across India, they haven't revealed the segments they would operate in. Reports suggest that the venture initially plans to float a $800-million infrastructure fund, and then get into carbon trading.

Analysts pointed out that DE Shaw is known mainly as a hedge fund giant. However, Reliance wants to play across the financial services spectrum, including MFs and insurance.

Meanwhile, Reliance's employee strength in 2010-11 fiscal stood at 22,661, down by 704 employees compared to the staff strength last fiscal. This number, however, excludes its subsidiaries such as Reliance Retail.

The Indian major is looking beyond DE Shaw. At one point, Reliance Retail, a unit of the energy-to-education company, was looking to launch co-branded credit card targeting its loyalty programme (Reliance One) customers.

Although Reliance has its origin in textiles and grew into petrochem, oil explorations and retail, its chief was recently inducted on the global board of Bank of America Corporation, one of the largest banks in the US. Other than this high-profile association of its chairman with a global financial powerhouse, Reliance also nurtures a desire to get into banking, as and when the sector regulator RBI gives the green signal to corporate houses to set up banks. Reliance over the last five years has entered into over 50 partnerships, more noticeable in the retail and shale gas sectors.

Meanwhile, Reliance's staff strength in 2010-11 stood at 22,661, down by 704 employees compared to the staff strength last fiscal. This number, however, excludes its subsidiaries such as Reliance Retail.