Green light for Tesco

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.