Tesco Plans India’s First Foreign Supermarket Investment
December 20, 2013
British retailer Tesco Plc has applied to the Indian government for permission to buy a 50 percent stake in the Indian hypermarket chain Trent Hypermarket Ltd., according to Reuters. Tesco wants to open stores in western India, a move that would mark the first foreign retailer to open a supermarket in India. The retailer would initially invest $100 million. India previously banned foreign companies from holding a decision-making stake in its supermarkets, but in 2012, it relaxed regulations. Tesco’s India push follows Walmart’s announcement that it had dissolved a partnership with Indian firm Bharti Enterprises in October 2013 and delayed plans to expand its presence in India.