British retailer Marks & Spencer (M&S), which operates a joint venture with Reliance Retail, is planning to seek permission from the Foreign Investment Promotion Board (FIPB) to start food retailing in India. Marks & Spencer aims to bring in its food business as part of the existing single-brand foreign direct investment (FDI) approval which currently operates more than 28 stores selling clothing and home products in the country.
Sources say, the JV between Marks & Spencer and Reliance Retail is expected to approach FIPB, the agency that approves all foreign investments in the country, after the centre issues clarifications broadening the scope of single-brand retailing in April. Taking a step further, M&S has already started booking larger store locations in new malls to roll-out its food business, which is its biggest unit by revenue. M&S is likely to sell only packaged foods such as deli, bakery, salads and products that are unique to their stores. It will keep its food business as a part of the fashion and home products retailing in India, though it operates standalone food express stores in the UK.