Tesco confirms 50-50 joint venture with unit of India's Tata Group that will see Tesco invest US$140M, become first foreign supermarket to enter country's retail sector; deal involves operation of 12 stores offering range of merchandise
Cindy Allen
LONDON
,
March 21, 2014
(Thomson Reuters Corp.)
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Britain's Tesco
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
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. ($1 = 0.6057 British Pounds) (Reporting by James Davey; editing by Kate Holton)
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