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UK base retail chain Marks & Spencer has signed a joint venture with the Mukesh Ambani led Reliance Retail Ltd. With this tie up both the retail giants are set to open fifty stores in the next five years in India with an investment of about 29 million (Rs 228 crore). Currently Marks & Spencer has fourteen franchisee run stores in India.
Reliance Industries have 49 percent stake in the joint venture while Marks & Spencer enjoys 51 percent share. Stuart Rose, Marks & Spencer chief executive after the tie up remarked that India is a major opportunity hub and here M&S has the ability to emerge as a major retail brand. He further added that Reliance retail is the ideal partner for Marks & Spencer to enable them to expand and accelerate their business in the country. The British retail store is undertaking major overseas expansion and expects to emerge as a ‘major retail brand’ in South Asia.
