The JV will explore duty free retail opportunities at Indian airports in cities of Mumbai, Kolkata, Chennai and Bangalore, reported the Times of India.

TFS will also secure exclusive rights to develop Lagardere’s Relay-branded stores across airports, metros and railway stations in the country.

The Relay chain sells newspapers, magazines, books in train stations and airports across 1300 locations in over 20 countries.

Lagardere Services chairman and CEO Dag Rasmussen told the newspaper that the group is focused specifically on the Asia Pacific region.

"India, one of the fast growing economies in Asia is a burgeoning market with limitless possibilities," said Rasmussen.

TFS chairman Sunil Kapur added that the venture is consistent with its objective of consolidation its position as a leading retailer in the travel retail segment.

The company owns a portfolio of brands such as KFC, Domino’s Pizza, Haagen-Dazs, and Subway at travel locations in Mumbai, Delhi, Cochin, and Trivandrum amongst others.