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Tesco to approach FIPB for multi-brand retail outlet
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SME Times News Bureau | 18 Dec, 2013
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 in New Delhi.
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."
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| Customs Exchange Rates |
| Currency |
Import |
Export |
US Dollar
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₹88.70
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₹87 |
UK Pound
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₹119.90
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₹116 |
Euro
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₹104.25
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₹100.65 |
| Japanese
Yen |
₹59.20 |
₹57.30 |
| As on 30 Oct, 2025 |
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