Press Esc to close
Tuesday 29 July 2014
News updated at 3:04 AM IST
Weather
Max: 0°C
Min : 0°C
In Bangalore
Sunny day

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
England's Sam Robson, left, fields the ball beside four other slips ...

England's Sam Robson, left, fields the ball beside four other slips ...

A Muslim woman performs ablution before having iftar meal on the last day of the holy month...

A Muslim woman performs ablution before having iftar meal on the last day of the holy month...

Police take top Maoist leader Sabyasachi Panda while taking him to court in Berhampur...

Police take top Maoist leader Sabyasachi Panda while taking him to court in Berhampur...

The launch of Science Express biodiversity special (SEBS) train in New Delhi...

The launch of Science Express biodiversity special (SEBS) train in New Delhi...

England's Ian Bell hits a shot during the second day of the third cricket test...

England's Ian Bell hits a shot during the second day of the third cricket test...

Bollywood music director Anu Malik, actor Sonam Kapoor, filmmaker Farah Khan and Pakistani...

Bollywood music director Anu Malik, actor Sonam Kapoor, filmmaker Farah Khan and Pakistani...

India shooter Vijay Kumar at Barry Buddon Shooting Centre in

India shooter Vijay Kumar at Barry Buddon Shooting Centre in

Muslim women offer namaz in Coimbatore on Monday during...

Muslim women offer namaz in Coimbatore on Monday during...

India gold medallist Rahi Sarnobatat and silver medallist Anisa Sayyed pose for...

India gold medallist Rahi Sarnobatat and silver medallist Anisa Sayyed pose for...

Ned McKendry of Australia is seen underwater as he...

Ned McKendry of Australia is seen underwater as he...

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