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US toy maker Toys'R'Us Inc said on Wednesday it has no immediate plans to set up shops in India dispelling speculations that the New Jersey based company is about to enter the country with a partner.
"While Toys'R'Us is always looking for good business opportunities in new markets, we have no plans at this time to open stores in India," Toys'R'Us Inc, vice president Corporate Communications Kathleen Waugh told PTI.
Waugh said the speculation that the company is in the process of signing up a joint venture agreement with an Indian partner is not 'accurate'.
Toys'R'Us is the world's leading dedicated toy and juvenile products retailer that currently sells merchandise in more than 1,560 stores under various brands in the US and more than 510 international stores and 200 licensed stores in 33
According to media reports, Mukesh Ambani-led Reliance Retail is working on nifty-gritty to form a join-venture with the US-based toy major that is expected to close in next few months.
"We do not comment on speculation", a Reliance Retail spokesperson said.
Reliance Retail currently has a joint venture with British toy retailer, Hamleys. Earlier this year, the JV opened the first Hamleys store in Mumbai.
