Staples To Enter India

FRAMINGHAM, MA-Staples is continuing its international expansion, this time by entering India in a venture management says will give the office-products retailer access to a potential $10-billion market. The locally based company is partnering with Indian firm Pantaloon Retail Ltd. to open an undisclosed number of stores.

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.”