Staples is not the only retailer looking to open its doors in India, considered by many to have the potential to be one of the world's largest retail markets. Wal-Mart has formed a similar joint venture in the country, though it does not yet have any stores there.

"India is booming," said Wal-Mart chief executive officer H. Lee Scott last year during one of the company's recorded quarterly results discussions. "We look forward to the Indian government making more progress on opening its retail sector to direct foreign investment."

Staples and Pantaloon plan on opening stores called Staples Future Office, which will also offer delivery service. Pantaloon operates about 140 stores in cities across India, including fashion, food and mass-merchandise concepts.