Marks & Spencer is reportedly in talks with several companies in India about setting up a joint venture in the country.

The retailer already has 12 stores in India as part of a franchise agreement with Planet Retail Group but a separate joint venture would accelerate M&S' expansion, according to reports in The Times.

“We have worked with Planet Retail for six years,” a spokeswoman told the paper. “We are talking to them and other organisations about opportunities to grow the business but it is too early to say what we will do.”