Reliance Retail, the wholly-owned subsidiary of Reliance Industries, is believed to be inching closer to a partnership with British retailer Marks & Spencer (M&S).According to sources, while no formal deal has been signed, "the matter has been discussed, and has gone back and forth between the two companies. Nothing is final as yet." Some forward movement is expected within the month, they added.While reports have suggested that M&S may hold a majority stake in the joint venture, sources said details have not been finalised. India allows 51% FDI in single-brand retail and 100% FDI in cash-and-carry operations. Multi-brand retail is barred for foreign companies and investors.When contacted, a Reliance Retail spokesperson offered no comments. The M&S spokesperson could not be reached for comments.One of the leading retailers of food, clothing as well as home products in the United Kingdom, M&S employs over 75,000 people and has over 600 stores in UK and over 275 stores in 39 countries. In India, the company has a dozen stores run through a franchisee agreement with Indonesia-based NRI B P Sharma who was recently in the news for trying to bring coffee chain Starbucks to the country. Sharma is the promoter of Planet Retail, the company which runs the M&S franchise. It is not yet known as to what the future of this partnership will be.Reliance Retail has around 540 stores across the country in multiple formats.
