Press Esc to close
Saturday 03 December 2016
News updated at 8:53 AM IST
Weather
Max: 26.9°C
Min : 18°C
In Bengaluru
Rain lightly

Tesco to open multi-brand stores, files application

New Delhi, Dec 17, 2013 (PTI)
Reuters Image

UK-based Tesco Plc today became the first global retailer to seek the government's approval to set up multi-brand outlets in India with a plan to invest USD 110 million in partnership with the Tatas.

Tesco proposes to set up a 50-50 joint venture with its existing Indian partner Trent, a Tata group firm, to open retail stores in Bengaluru (Karnataka) and Kolhapur (Maharashtra).

"We welcome the decision of Tesco to invest in India. On our part, we assure them all support for expedited clearances. We hope that this will mark a new beginning in transforming India's retail industry. I am sure that the other global leaders will also look at investing in India," Commerce and Industry Minister Anand Sharma told reporters.

This is the first application in the multi-brand retail segment since the government allowed 51 per cent foreign direct investment (FDI) in multi-brand retailing in September last year.
Tesco has presence in India through a joint venture with the Tatas. These stores are located in Mumbai, Bengaluru, Ahmedabad and Chennai.

Trent Limited Vice-Chairman Noel Tata said, "We believe that our understanding of the Indian market, coupled with Tesco's unparallelled global retail expertise, will allow us to leverage the tremendous potential of the market to the benefit of all stakeholders."


Go to Top

Photo Gallery
The sunset in Kalaburgi on Friday...

The sunset in Kalaburgi on Friday...

Cricketer Yuvraj Singh and Hazel Keech during their marriage with Hindu rituals in Goa...

Cricketer Yuvraj Singh and Hazel Keech during their marriage with Hindu rituals in Goa...

Protesters throwing stones on police and CRPF amid tear smoke during a clash after Friday...

Protesters throwing stones on police and CRPF amid tear smoke during a clash after Friday...

A CRPF officer firing teargas shell at protesters throwing stones on them during a clash...

A CRPF officer firing teargas shell at protesters throwing stones on them during a clash...

A man with his son holding Kannada flag during the grand procession of 82nd Kannada Sahitya...

A man with his son holding Kannada flag during the grand procession of 82nd Kannada Sahitya...

Indias first indigenous Aircraft Carrier INS Vikrant which was undocked on completion...

Indias first indigenous Aircraft Carrier INS Vikrant which was undocked on completion...

A plane on board INS Vikramaditya during the Navy week celebrations in Mumbai...

A plane on board INS Vikramaditya during the Navy week celebrations in Mumbai...

A man transports sacks of rice in a horse-drawn cart amid the heavy fog in Allahabad...

A man transports sacks of rice in a horse-drawn cart amid the heavy fog in Allahabad...

Collecot of Nagpur Sachin Kurwe paying his last respect to the mortal remains of Nagrota martyr...

Collecot of Nagpur Sachin Kurwe paying his last respect to the mortal remains of Nagrota martyr...

Greater Flamingos fly over Chandlai Lake in Jaipur on Friday morning...

Greater Flamingos fly over Chandlai Lake in Jaipur on Friday morning...

Copyright 2014, The Printers (Mysore) Private Ltd., 75, M.G Road, Post Box 5331, Bengaluru - 560001
Tel: +91 (80) 25880000 Fax No. +91 (80) 25880523