For Tiffany the deal represents its latest effort to expand globally.

Reliance Industries is partnering with iconic US-based luxury jeweller Tiffany & Co to open a line of stores in the country, adding yet another marquee name to its growing portfolio of brands.

Tiffany, popular for its engagement rings and robin's egg blue boxes, plans to open stores in New Delhi and Mumbai in the second half of fiscal years 2019-2020 respectively, the company said, adding that India's "growing luxury consumer base presents a unique opportunity".

The tie-up comes as Reliance, which is run by Asia's richest man Mukesh Ambani and runs a sprawling conglomerate, bolsters its consumer-focused units such as retail and telecoms to match the strength of its dominant oil and gas business. The company bought British toy retailer Hamleys earlier this year.

For Tiffany, known for its diamond engagement rings and a flagship Manhattan store made famous by Audrey Hepburn, the deal represents its latest effort to expand globally as it battles subdued demand in the United States and Europe.