MONTE CARLO—Pearle Europe recently entered into an agreement with Reliance Retail, a subsidiary of Reliance Industries, a large private-sector company in India, to establish a joint venture for the Indian optical market.

The agreement was announced last week by Pearle Europe parent HAL Holding, which owns 97 percent of the chain. The transaction is expected to be completed in a few months.

Reliance Retail currently operates more than 500 stores across India in various retailing categories.

“The joint venture has the long term ambition to become a market-leading optical retailer in India,” a HAL announcement said.