Fast Retailing’s Uniqlo banner is to team up with Arvind Lifestyle Brands to build a $1bn (£631m) business in India by the end of the decade.

The Times of India reported that Fast Retailing is finalising an equity joint venture to further expansion in the growing Indian market. A deal is expected in the second quarter of the year.

Arvind and Uniqlo are said to have already identified potential locations for initial stores. Uniqlo is expected to unveil an ambitious growth plan, with openings in smaller cities across the country.