Green light for Tesco
Investment plan of $110 million by this UK-based retailer.January 03, 2014 | comments ( 0 ) |
The Foreign Investment Promotion Board (FIPB) recently approved a $110 million investment plan by the UK-based Tesco, and it would be the first foreign player to set up a supermarket chain in the country, in partnership with the Tata-owned Trent Hypermarket.
Earlier, Tesco had announced that it would buy a 50 per cent stake in this leading domestic retailer.
Tesco plans to open three or four stores a year via an expansion plan designed to comply with sourcing regulations. Tesco's India investment follows declining third-quarter sales in all nine of its continuing overseas markets for the second consecutive quarter.
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