business-india-news

Tesco to approach FIPB for multi-brand retail outlet

New Delhi, Dec 17 : Trent, the retail arm of the Tata Group, and UK-based retail major Tesco have been in talks regarding an investment by the latter in Trent Hypermarket Limited (THL) and Tesco is making an application to the Foreign Investment Promotion Board in this regard, THL said Tuesday.


"If the application is successful, the intent would be to enter into a partnership where Trent and Tesco will each own a 50 percent stake in THL," THL said in a statement here.

THL currently operates 16 stores across the southern and western regions of the country.

The proposed partnership will operate and build on the existing portfolio of Star Bazaar stores in Maharashtra and Karnataka. The application envisages a minimum foreign direct investment in line with the applicable multi-brand retail trading policy, it said.

Noel Tata, vice chairman of Trent, said: "The application is a positive step forward in the relationship between the Tata Group and Tesco. We believe that our understanding of the Indian market coupled with Tesco's unparalleled global retail expertise will allow us to leverage the tremendous potential of the market to the benefit of all stakeholders."

--IANS (Posted on 17-12-2013)

business-india-news headlines

DLF leases 3 million sq ft office space in 2013-14

Cairn India posts 18 percent rise in Q4 profit

Paris Motor Show woes Indian visitors

Toonz forays into artificial intelligence toys, films

Sensex, Nifty at new highs; capital goods sector gains

Sensex hits record high for third straight day

Reebok India launches 'live with fire' campaign

KBC winner Sunmeet Kaur to launch boutique in the capital

'Goa sells maximum beer in India'

RIL raises $550 mn from Japanese banks

OPEC daily basket price closes lower

Rupee slips below 61 against the dollar

Quick Links: Goa | Munnar | Pondicherry | Free Yearly Horoscope '2014

Comments

Your e-mail:


Your Full Name:


Type verification image:
verification image, type it in the box

Message:

Back to Top