From correspondents in Maharashtra, India, 01:00 AM IST

Textile firm Maxwell Industries Ltd announced Thursday that it was in talks with two premium European inner-wear brands for a joint-venture partnership or a marketing tie-up.

'We are in talks with leading European brands and would like to go for a 50:50 joint venture with them,' Maxwell vice-chairman and managing director Sunil Pathare told reporters here.

Pathare said the deal was in its final stage and expects the entire plan of action to be chalked out by October-November this year after sealing the agreement.

But he refused to divulge any detail about the talks.

He added that Maxwell plans to open 300 stores in the next five years. 'Most of them would be franchise outlets in tier II and III cities and few would be exclusive showrooms in big markets like Mumbai and Delhi.'

The company is also planning to double its profit in three years and to diversify its business portfolio.

(Staff Writer, © IANS)