SHANGHAI: Dia Group, a unit of Europe's largest retailer Carrefour AG, has signed a pact with Lianhua Supermarket Co to set up its first joint venture in China to run discount stores.
According to company officials, Carrefour and Lianhua will invest 135 million yuan (US$16.3mil) in the venture, the Shanghai Dia Lianhua Retailing Co, which plans to open about 300 stores in Shanghai over the next two to three years. Dia Group will hold a 55% stake in the venture while Lianhua will own the rest. – Reuters
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