Marks & Spencer is poised to take majority control of a joint venture to be created imminently with Indian powerhouse Reliance Retail.
It is understood that the tie-up between M&S and Reliance would transform M&S’s Indian operations and firmly establish the retailer at the heart of India’s US$330 billion (£166.16 billion) retail market.
Until now, Reliance has only agreed to create 50:50 joint ventures with overseas partners, but M&S will take a 51 per cent stake in the new enterprise, Indian newspaper Economic Times reported.
M&S’s Mark Ashman is tipped to become chief executive of the joint venture, while Spencer Sheen will head operations.
Establishing a stronger overseas presence – especially in big developing markets such as China and India – is a key plank of M&S chief executive Sir Stuart Rose’s strategy. He wants M&S to generate up to 20 per cent of group revenues overseas within five years.
M&S declined to comment.
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