Monday, April 21, 2008
Marks & Spencer Group Plc With Reliance In Joint Venture In India.
After the world’s largest retailer Wal-Mart Stores Inc and Sunil Mittal''s Bharti Enterprises, the entered in the retail space in India, it is the time Marks & Spencer Group.
The legendary British departmental store chain Marks and Spencer Group Plc. is set to open company-owned stores and expand Indian operations following a joint venture with the Mukesh Ambani-promoted Reliance Retail Ltd.
The British company will hold a 51 per cent stake in the JV, to be named Marks and Spencer Reliance India Pvt Ltd, while the remaining stake will be with Reliance Retail.
Reliance Retail and Marks and Spencer will invest £29 million (Rs228 crore) to set up at least 50 stores over the next five years.
The new stores will be large format stores of around 20,000 sq ft.
A big time ahead for Indian retail industry, Tesco, Carrefour are all waiting in the ques to enter in to the new emerging growing market in India.
The ground will be not that easy as many Indian players particularly Future Group, West Side, Wills Life style, will give a stiff resistance to these retail JVs.