According to Reuters, Dow Chemical Co. is in talks with India''s Reliance Industries Ltd. about a potential joint venture, the Wall Street Journal reported on its Web site on Sunday citing people familiar with the matter. The paper said that the deal had been in the works for months, but the companies were still reviewing whether to have a 50-50 ownership structure, or to tilt ownership slightly to one side or the other. The Times of India on Friday said Reliance was close to signing a deal to establish a $20 billion joint venture that would include Dow''s basic chemicals and plastics business. Neither Dow nor Reliance would comment on Friday''s unsourced report, which came just days after a British newspaper reported that buyout firms were readying a takeover bid for Dow worth $54 billion. Dow Chemical and Reliance were not immediately available for comment on Sunday.