New Delhi: UK-based apparel retail chain Marks & Spencer on Thursday said it will continue to open more stores in India and increase sourcing from the country.

The company said it will continue its partnership with Reliance Retail to expand its business in India despite the government's proposal to allow 100 percent FDI in single brand retail.

"India is top priority market for Marks & Spencer and we want to grow bigger and faster here," Marks & Spencers
Reliance India Pvt Limited CEO Martin Jones said.

He said the company operates 22 stores in India and plans to open another four by the end of the financial year.

He, however, did not provide specific details of the company's long term expansion plans in the country.

Commenting on the sourcing from India, Jones said 52 percent of the products sold here are sourced from the Indian sub-continent and is likely to increase going ahead.

"We hope to increase the sourcing to 60 per cent soon," he said.

Marks & Spencer opened its first store in India in 2001 through franchise route. In 2008, it entered into a joint venture with Reliance Retail.

When asked if the government's proposal to allow 100 percent FDI in single brand impact the joint venture with the Indian partner, he said: "It makes no difference to us. We have great partnership with Reliance and we do not want to change it."

(Agencies)