Tesco to invest $110m in India
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)