Marks and Spencer signs JV with Reliance - sportstextiles: Lea SportsTextiles

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Marks and Spencer signs JV with Reliance

21/04/2008
Marks & Spencer has entered into a joint venture with Reliance Retail, part of the Reliance Industries Group, to help establish it as a major retail brand in India.

Subject to certain approvals, Marks & Spencer will take a 51% interest in Marks and Spencer Reliance India Pvt Ltd with Reliance Retail taking the remaining 49%. The value of the initial investment into the JV will be up to £29 million between the parties, with both parties agreeing to provide further funding in the future.

The joint venture will operate Marks & Spencer stores in India selling women’s, men’s and children’s clothing as well as homewares. It aims to open at least 50 new stores in India over the next five years.


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