INDIA: Landmark Group continues talks over India JV
According to reports, Landmark has signed an in-principle agreement with privately-held Auchan
Dubai-based Landmark Group has said it is still in discussions with potential partners over a joint venture in India.
Landmark, which runs the Max hypermarket chain in India, saw Spar International end its five-year franchise partnership deal with the retail and hospitality operator in February. Since then, Landmark has reported to have held discussions with French retailer Auchan over a possible deal in the country.
Responding to reports from the Wall Street Journal that it has now signed an in-principle agreement with privately-held Auchan, a spokesperson for Landmark said: "Max Hypermarkets are still in discussions with potential partners to take the business forward. Formal announcements regarding such developments will be made at the appropriate time."
According to the reports, the terms and conditions of the franchise agreement are currently being "worked out", a source told the publication.
Auchan had 1,375 hypermarkets and supermarkets in 12 countries as of December 2011, and had held talks with other Indian retailers before choosing the Landmark group, the sources told the WSJ.
Auchan did not return a request for comment.
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