The UK's major retailer Marks & Spencer (M&S) announced that it would open up to 50 new stores in India over the next 5 years through a joint venture with Reliance Retail.

The new stores will employ the same form as the other existing 14 franchise stores operated by the company in India.

M&S and Reliance Retail have agreed on M&S owning 51% in the joint venture, Marks and Spencer Reliance India Pvt. Ltd.

Reliance Retail, a subsidiary of Reliance Industries dealing with the polyester and petrochemical business, has been operating supermarkets, convenience stores and specialty stores. Reliance Industries has recently entered into the retail business through Reliance Retail, and has announced business alliances not just with M&S but with Office Depot, the US' office supplies dealer, and Nova Chemicals.