Frech retail giant Auchan plans to open 85 stores across India in the next six years as part of a joint venture.
The India times has reported the French retailer is close to striking a deal to form a joint venture with local retail conglomerate the Landmark Group.
Auchan would reserve the option to take a 50 per cent shareholding in the venture if the Indian government follows through with its contentious bill to allow up to 51 per cent foreign direct investment in multi-brand retail.
There has been speculationrecentlythe Indian government could try to pass legislation it shelved in December of last year due to widespread social and political resistance.
Under current regulations, however, Auchan’s stores would be operated by Landmark under a franchise agreement.
Meanwhile, Reliance Retail Ltd has opened its first hypermarket in Mysore. The 6,500m2 store stocks over 30,000 products and, according to a company media release, will specialise in fresh fruit and vegetables.
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