UK-based supermarket group Tesco has said that it will make an initial investment of around 60 million pounds in setting up a wholesale cash-and-carry business in India. Besides, the group has also entered into an agreement with Tata’s retailing arm Trent to provide expertise on the latter’s retail business.
As per the deal, Tesco will provide its retail expertise and technical capability to support the development of Trent’s hypermarket ‘Star Bazaar’. Trent currently operates four hypermarkets and plans to open around 50 stores over the next five years.
Speaking to media, Terry Leahy, chief executive, Tesco said: “This is another exciting development for Tesco. It complements our entries into China and the United States, giving us access to another of the most important economies in the world. Our agreement with Tata will enable us to share our international retail expertise in supporting Trent towards the development of their Star Bazaar hypermarket business and in benefiting Indian consumers.”
