Indian textile firm Arvind Mills Ltd and Italian denim brand company Diesel SpA may call off their joint venture in which Diesel holds 51 percent. The joint venture, which was announced in May last year, had plans to open 15 stores in three years. But Diesel is expected to put its plans on hold for the time being, while Arvind Mills' priorities have changed since signing the deal.
Arvind Mills may have to spend enormous time and resources for the joint venture, which is likely to have a limited retail universe. Officials at Ahmedabad-based Arvind Mills were unavailable for comment.
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