Auchan (Photo credit: Wikipedia)MUMBAI/BANGALORE: French retail giant Groupe Auchan SA plans to open 85 stores in India over the next six years as it nears a formal deal with NRI tycoon Micky Jagtiani's Landmark Group. Auchan will have the option to pick a 50% stake in the joint venture depending on Indian government's decision to allow foreign investment in multi-brand retailing. The deal will be a franchise agreement till then with Landmark operating the Auchan stores. A formal announcement is expected shortly. TOI first reported on Auchan's talks with Landmark in its February 13 edition.
The euro 44 billion Auchan group will be the first big box retailer to enter India after global rivals Wal-Mart, Tesco and Carrefour stepped into the growing Indian organized market through wholesale retail JVs a few years ago.
Edited By Cen Fox Post Team
