On friday Marks and Spencer announced that it had entered into a joint venture with Reliance Retail of India in the hope of establishing the British food-to-clothes retailer as a “major retail brand” in South Asia.

Marks and Spencer said it would take a 51 percent interest in a new company, M&S Reliance India, while Reliance would own the remainder.

Each partner would initially invest up to 29 million pounds (37 million euros, 58 million dollars) in the venture.

It would aim to open at least 50 new stores in India over the next five years, the statement added.

Categories: Tie-Ups
Tags: dollar, euro, food, india, million, new, Reliance, retail