Marks & Spencer To Set Up Indian Joint Venture

Rueters:

Marks & Spencer Plc Britain’s biggest clothing retailer, plans to set up a joint venture in India, the Economic Times said on Monday.

Three or four Indian firms are interested in partnering Marks & Spencer in the venture, which will be 51 percent owned by the British firm, the paper said, citing an unnamed industry source.

M&S, which currently has about 20 franchises operated by India’s Planet Retail, will also sell food and home furnishings under the new format, the paper said.

India permits single-brand retailers to own up to 51 percent in a joint venture with a local firm. Multiple-brand retailers are restricted to franchise and license operations.

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