New Delhi: Netherlands-based food store retailer Spar International has entered into agreement with Max Hypermarket India to open over 30 stores by 2019.
Spar is foreseeing retail sales of over Rs 2,450 crore (euro 300 million) in five years, it said in a statement.
The new agreement with Max Hypermarket builds on the previous successful partnership between the two companies which saw the launch of Spar branded hypermarkets across six states in India, it added.
As per the agreement, 13 of those stores would be reconverted to the Spar brand in the coming months and a further 20 stores opening nationwide over the next five years.
Spar International Managing Director Gordon Campbell said: "Our new partnership with Max Hypermarkets reaffirms the suitability of the SPAR business model to the retail market in India."
Max Hypermarkets Managing Director Viney Singh said: "This new arrangement will ensure that the stores are operated to the highest international standards of quality and food safety and provide customers with an enhanced shopping experience."
Spar International is the world's largest food store retailer having over 12,000 stores globally with retail sales of euro 32.2 billion in 2013.
Max operates 13 hypermarkets across India.
