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French retailer Auchan eyeing India JV: report
MUMBAI |
MUMBAI (Reuters) - French retailer Auchan has held talks with Dubai-based Landmark Group for a possible joint venture in India, the Times of India reported on Monday.
A deal would depend on whether India moves ahead with plans to allow foreign companies into multi-brand retail, the newspaper said, quoting two unnamed people familiar with the talks.
India suspended plans to open its $450 billion supermarket sector to foreign firms in the face of a huge political backlash last December.
Auchan, controlled by France's Mulliez family, competes with listed rivals Carrefour and Casino. It may sign a franchise agreement with Landmark until the Indian rules are relaxed, the newspaper said citing another source.
Landmark runs the Dutch retail chain Spar in India, after the companies signed a licensing agreement in 2007. The agreement will end this year, the paper said.
Reuters could not immediately reach the Landmark Group and Auchan for a comment.
(Reporting by Nandita Bose; Editing by Ranjit Gangadharan)
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