Nandita Bose, Reuters Mumbai, December 19, 2013 It took months of arm-twisting and assurances from New Delhi to persuade British retailer Tesco Plc to take the plunge and become the first foreign player to set up a chain of supermarkets in India. Earlier this year, world No.1, Wal-Mart Stores Inc, walked away from India and few expected any of its rivals to step in before elections due by next May, which could bring to power a government that reverses the opening up of a $500 billion market long dominated by millions of mom-and-pop shops. But on Tuesday, Tesco announced that…
CONTINUE READING
Nupur Anand, DNA (Daily News & Analysis) Mumbai, December 18, 2013 More than a year after the government allowed 51% foreign direct investment (FDI) in multi-brand retail, Britain’s Tesco, the world’s third largest retailer, is set to become the first foreign supermarket to foray into India’s Rs 31 lakh crore ($500 billion) retail sector. On Tuesday, Tesco announced it had applied to the Foreign Investment Promotion Board (FIPB) to buy a 50% stake in Tata group’s Trent Hypermarket, thus confirming months-long speculation about a possible multi-brand joint venture (JV) between the two. Trent operates the supermarket chain Star Bazaar. Subject…
CONTINUE READING
Raghavendra Kamath, Business Standard Mumbai, December 17, 2013 In a move that will pave its way to enter Indian retailing segment, UK-based retailer Tesco is picking up 50% stake in Trent Hypermarkets run by Tata-owned Trent. Tesco will make an application to Foreign Investment Promotion Board, Trent said in a statement today. Tesco already has a franchise agreement with Trent to provide background support to Trent in terms of technical know-how, sourcing and so on. Trent Hypermarkets runs 16 Star Bazaar branded hypermarkets in the country. Trent said the proposed venture will build on existing portfolio of Star Bazaar stores…
CONTINUE READING
Palash Ghosh, International Business Times December 17, 2013 British supermarket and retailing giant Tesco PLC said it wants to open multibrand stores in India, making it the first international retailer to enter the huge Indian market after New Delhi lifted restrictions on foreign investments into the retail space in September 2012. Tesco, the third-biggest retailer in the world, has applied to India's Foreign Investment Promotion Board and initially plans to invest $110 million in the country. On acceptance of the bid, Tesco will operate in India through a 50-50 partnership with the Mumbai-based conglomerate, Tata group. According to its application,…
CONTINUE READING
Vishnu Rageev R, Money Indices New Delhi, December 14, 2013 An empowered middle-class has been fuelling the growth of India all these years, prompting multinational companies like Coca-Cola India, fondly called Coke, to (re)strategise and relook at its markets for a better share from the country’s continually widening multi-billion dollar retail basket. The company, which has seen six consecutive years of double-digit growth, will settle with an additional investment of $5 billion to deliver innovation, develop business relations and strategic partnerships, uplift consumer experience, ensure product affordability, and build countrywide brand loyalty in the coming years. Some interesting times are…
CONTINUE READING
