Tesco confirms Joint Venture with Tata in India
21 March 2014
Following its previous announcement and receipt of approval from the Indian Foreign Investment Promotion Board, Tesco has today entered into an agreement with Trent Limited, part of the Tata Group, to form a 50:50 Joint Venture in Trent Hypermarket Limited (THL) which operates the Star Bazaar retail business in India. Tesco’s investment will be around £85 million.
Completion of this transaction is subject to other necessary approvals.
Notes to Editors:
- On completion of the transaction THL will operate 12 stores retailing a range of merchandise including food and grocery, personal and home care products, home and kitchen, fashion and accessories etc. The stores are operated under the ‘Star Bazaar’ and ‘Star Daily’ banners, and spread across the Southern and Western regions of India.
- Since 2008 Tesco has had a wholesale supply and franchise /technical service agreement to supply merchandise and provide technical knowhow and support to THL in India.
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