Tesco confirms joint venture with Tata in India
LONDON (Reuters) - Britain's Tesco (TSCO.L) has sealed a joint venture agreement with a unit of Tata Group that will see it invest $140 million and become the first foreign supermarket to enter the country's $500 billion pounds retail sector.
Tesco said on Friday that following receipt of approval from the Indian Foreign Investment Promotion Board, it has entered into a deal with Trent Limited (TREN.NS) to form a 50:50 joint venture with the operator of the Star Bazaar retail business, Trent Hypermarket Limited (THL).
The world's third-largest retailer, which since 2008 has had a franchise agreement to provide support to Star Bazaar, had made the application to India's FIPB in December.
On completion of the transaction THL will operate 12 stores retailing a range of merchandise including food and grocery, personal and home care products, home and kitchen, fashion and accessories.
The stores are operated under the 'Star Bazaar' and 'Star Daily' banners, and spread across the southern and western regions of India.
(Reporting by James Davey; editing by Kate Holton)
- Tweet this
- Share this
- Digg this
- One dead, one wounded in shooting in Chicago financial district
- Israel, Palestinians locked in vicious circle of Gaza wars
- UPDATE 2-Bombardier plans more job cuts, Russia plans intact
- UPDATE 1-EU adopts toughest Russian sanctions yet, targets 5 Russian banks
- CORRECTED-UPDATE 2-GE credit card unit Synchrony makes muted debut on NYSE
The United States said on Thursday it was hopeful that differences between India and much of the rest of the world over a major trade agreement could be resolved in time, with only hours remaining before the deal has to be signed. Full Article
ONGC, Oil India bid $1.5 bln for stake in Murphy Oil's Malaysia assets - sources Full Article