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Marks & Spencer Group plc inked a JV with Reliance Retail

Marks & Spencer Group plc, UK`s leading retailers, offering high quality, great value clothing, as well as home products and outstanding quality food, inked a JV with Mukesh Ambani`s Reliance Retail.


April 22, 2008  |  comments ( 0 )  | 
Marks & Spencer Group plc inked a JV with Reliance Retail Marks & Spencer Group plc, UK`s leading retailers, offering high quality, great value clothing, as well as home products and outstanding quality food, inked a JV with Mukesh Ambani`s Reliance Retail. Upon the approval from Foreign Investment Promotion Board, Marks & Spencer will have 51% stake in the newly formed company Marks & Spencer Reliance India Pvt. Ltd. with 49% for Reliance Retail. The value of the initial investment into the JV will be up to 29m (in cash or in kind) between the parties, with plan for further funding on mutual consent. The new joint venture will have the right to operate Marks & Spencer stores in India selling items such as women`s, men`s and children`s clothing as well as homewares. It will aim to open at least 50 new stores in India over the next five years. It is envisaged that Planet Retail, Marks & Spencer`s existing franchise partner in India, will continue as a franchisee in respect of the 14 existing franchise stores. This deal is part of Mark & Spencer`s plan of ramping up its revenue by 15-20 per cent.

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