Reliance Industries Ltd. is looking to partner with handset makers to produce low-cost 3G handsets in India, The Financial Express reported Thursday, citing unnamed executives familiar with the development.

According to the newspaper, Reliance Industries is also looking to make WiMAX application devices.

It added that the diversified company’s future plans include buying bulk air time from mobile telephony service providers and selling the low-cost handsets, along with the purchased air time, through its retail outlets called Reliance Retail Stores.