UK retailer Marks and Spencer has confirmed reports it is planning to source more products from India to supply its retail operation in the country.

A spokesperson for M&S confirmed a report by that the company will increase the amount it sources from India for stores there from 20% to 70% in the next five years.

The story was based on comments by the retailer's India chief executive officer Mark Ashman at the opening of a store in Mumbai.

M&S sealed a joint venture agreement in India with local retailer Reliance Retail last year.

The joint venture plans to open 50 stores in Indian cities under the Marks & Spencer banner in the next five years.