British retail chain plans Indian foray
Friday, 12 January 2007, 18:30 IST
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London: Catalogue retailer Argos, one of Britain's most well known retail chains, is all set to enter the Indian retail bandwagon. The British chain is in talks with K. Raheja, the owner of Shopper's Stop, and an MoU is expected to be signed in the next few weeks, according to the Telegraph. Founded in 1973, Argos sells - online and over telephone - general merchandise and home products from over 670 stores throughout Britain and Ireland, serving over 130 million customers annually. Last month, talks between Britain's Tesco and India's Bharti group had broken down after the latter signed a deal with US retail giant Wal-Mart. Small players currently dominate the Indian retail market, which is estimated to be worth $300 billion (13 billion).
Source: IANS
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