Argos, the catalogue retailer, is close to signing a joint venture deal that will see it open stores in India. The retailer is said to be just weeks away from agreeing terms with K Raheja Corp, an Indian retailer. The memorandum of understanding could eventually see the Argos format used in India. Argos, which is owned by Home Retail Group, is one of a number of UK retailers eyeing the Indian retail market, which is currently dominated by small chains and family-run stores but is estimated to be worth more than $300bn (£170bn). The Indian retail group owns Shoppers Shop, a department store chain and HyperCity, a fledgling hypermarket chain. Shoppers Shop is reported to have franchise deals with both Austin Reed and Mothercare.
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