International department store brand Marks & Spencer will add more stores in India to be operated by its franchise partner Reliance Retail.

The UK based retailer, which has currently 22 stores in India, will open four more by the end of financial year.

“India is a top priority market for Marks & Spencer and we want to grow bigger and faster here,” Marks & Spencers Reliance India CEO Martin Jones said.

Marks & Spencer has reaffirmed its intention to continue its joint venture with Reliance Retail, despite prospects of a liberalisation of foreign direct investment  in the country.

“It makes no difference to us. We have great partnership with Reliance and we do not want to change it,” said Jones.

Marks & Spencer entered Indian market in 2001 through franchising. Just over half of its products are sourced from the Indian sub-continent, with plans to reach 60 per cent soon.

Marks & Spencer holds a 51 per cent stake in Indian operation, Reliance Retail 49 per cent.

GB