Cash-plush Reliance Industries, headed by Mukesh Ambani, has asked property owners to take part

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in the ambitious growth plan for its retail venture by renting or selling real estate space across the country.

The company has invited applications from property owners as it wants commercial space between 3,000 and 30,000 sq ft and above for Reliance Retail, according to information posted on its website.

This is part of RIL's plans to expand its retail venture tenfold in the next five years, at a cost of Rs 45,000 crore.

Addressing the annual general meeting of RIL, chairman Mukesh Ambani had last week said that Reliance Retail has revenue in excess of Rs 4,500 crore in the 2009-10 fiscal.

"Over the next five years, I can realistically foresee this (retail) business growing tenfold from current levels and becoming a significant value creator for Reliance in the coming years," he had said.

Reliance Retail operates nearly 1,150 stores in 86 cities across 14 states.

When asked to elaborate on the company's plans to add more retail space, an RIL spokesperson said: "We continue to look at expanding our reach across formats in Tier 1, 2 and 3 cities and are constantly evaluating properties that meet with our selection criteria of right catchment as well as right price."

The spokesperson said that it is open to all models of property acquisition including rentals, outright purchase and revenue sharing.

The spokesperson, however, did not divulge information on the total area that the company is looking at leasing or acquiring, and the proposed investment for the same.

Noting that the Reliance Retail is one of the fastest-growing retailers with the addition of over 400 stores in 2009, the spokesperson said: "We are looking at expanding all our formats, including value, specialty and joint ventures".

The spokesperson said Reliance Retail's property acquisition team is constantly evaluating various real estate opportunities, and is in touch with the real estate network -- including developers, mall-owners and broking firms.

"I believe that organised retailing in India is poised to take off to the next orbit of growth, and your company is well-equipped to be a national leader in this space," Ambani told RIL shareholders last week.

Ambani had stated that with a cash and cash equivalent of Rs 21,874 crore, RIL is among the financially-strongest companies in the emerging markets.