Wednesday 20 September 2017

Tesco to invest $110m in India

Supermarket giant Tesco
Supermarket giant Tesco

Adi Narayan

Tesco plans to become the first global chain to enter India since the government allowed foreign companies to invest in multi-brand retail more than a year ago.

Tesco is likely to invest about $110m (€80m) to gain a 50pc stake in Trent Hypermarket, a unit of Tata Group that runs Star Bazaar supermarkets, according to an exchange filing and a statement from commerce minister Anand Sharma.

The English retailer's decision to invest in India gives it an edge over Wal-Mart, which recently ended a six-year-old partnership with Bharti Retail, stalling the world's biggest retailer's efforts to expand in the country. (Bloomberg)

Irish Independent

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