tesco slough (Photo credit: osde8info)
British supermarket giant Tesco has announced a joint venture in India with a company owned by Tata Group to invest in a chain of grocery stores.
It marks the first multinational entry into India’s vast but underserved retail and supermarket sector since the country allowed such investment in 2012.
Tesco said Friday it would invest 85 million pounds ($140 million) to take a 50 percent share of Tata-owned Trent Hypermarket Ltd, which operates the Star Bazaar chain. It said the chain would operation 12 stores in southern and western India selling food and groceries, home and personal products, plus fashion and accessories.
via UK supermarket giant Tesco announces India entry – Businessweek.
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