Reliance Retail Ltd is reported to be in talks with New York-based apparel maker Liz Claiborne Inc to set up a joint venture in India.

The agreement would see Reliance Retail, the consumer and retail arm of Indian conglomerate Reliance Industries Ltd, set up stores for Liz Claiborne's brands in India.

Under Indian retail laws, overseas firms that sell a single brand name are allowed to hold up to 51% in the venture.

In April, Reliance Retail signed a deal with UK retailer Marks & Spencer to open 50 stores in Indian cities under the Marks & Spencer banner in the next five years.