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Jul 26, 2011, 08.30 AM IST
Aditya Birla Retail is likely to be in talks with Japan's second largest convenience store chain Lawson Inc for a retail joint venture, reports CNBC-TV18's Ashwin Mohan quoting sources.
The terms of the JV, however, are yet to be finalised as the two companies await clarity on foreign direct investment in retail. The Committee of Secretaries late Friday cleared the proposal to allow up to 51% FDI in multi-brand retail. ( HERE is more on the issue)
Nevertheless, sources indicate that the Birlas may handle front-end aspects of the potential JV, while, Lawson, which is a USD 21 billion company, is likely to provide international technical support to it.
When the channel contacted the companies to get clarity on the issue, AB retail CEO said, "We do not comment on market stories in line with policy." And, Lawson Inc denied JV talks. "There is no fact in terms of CNBC-TV18 query," the company added.
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