Tesco invests Rs 850 cr in India |
British retail major Tesco has invested Rs 850 crores in multi-brand retail trading in India. India approved a proposal from Tesco Overseas Investment Ltd (Tesco) of UK for foreign investment of not less than USD 110 million to carry out business of multi-brand retail trade in India. Commerce and Industry Minister Nirmala Sitharaman informed the Lok Sabh that the FDI inflow reported by the RBI from Tesco is Rs 850 crores. In March 2014, Tesco had announced formation of an equal joint venture with Tata group company Trent by picking up 50 per cent stake in Trent Hypermarket Ltd (THL). THL operates the Star Bazaar retail business in India. Tesco was the first global retailer to apply for multi-brand retailing after the government allowed 51 per cent FDI in the segment in September 2012. The minister also said that the government has not taken any decision with regard to implementation of FDI policy in multi-brand retail trading.
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