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Dutch retail chain Spar International and Max Hypermarket India Private Ltd are going their separate ways, to individually grow their retail presence in India.
Spar and Max Hypermarkets had tied up to launch 13 Spar hypermarkets in India. A joint press statement by the two companies said that the separation was to take forward their ‘respective businesses in India.' The current licence agreement between the two parties will expire on December 31, according to the statement.
Mr Viney Singh, Managing Director, Max said that the partnership was mutually beneficial for both organisations. “Given both Max Hypermarket and Spar International's long terms business objectives in India, it was mutually agreed that on expiry, the current agreement would not be renewed.”
He said that while Spar wishes to extend its footprint nationwide through new arrangements with multiple national and regional players, Max is looking at working with other partners to expand their business in India.
Refusing to divulge details of Max's future partnerships, Mr Singh said that the retail chain was looking at potential partners with whom it can expand its businesses in India. “We are looking at opening 8–10 hypermarkets every year. Further details of the development will be made available at the earliest,” he said.
anjali@thehindu.co.in
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