Tesco to open multi-brand stores in India

Shoppers browse through the products of a newly opened Bharti Wal-Mart Best Price Modern wholesale store in India Multi-brand retail is seen as a key sector in attracting foreign investment in India

Related Stories

Tesco has applied to open multi-brand stores in India, the UK retailer and Indian officials have said.

The company has applied to India's Foreign Investment Promotion Board and plans to invest $110m (£68m).

With this, Tesco becomes the first global retailer to try to enter India since it allowed foreign investment in multi-brand retail last year.

If the application is successful, Tesco will enter the country in a 50-50 partnership with India's Tata group.

Correspondents say the decision brings much-needed relief to the government, which allowed foreign investment in multi-brand retail in September 2012, but had not attracted even a single application until now.

"We welcome the decision of Tesco to invest in India," Commerce and Industry Minister Anand Sharma said.

"And on our part, we assure them all support for expedited clearances. To begin with, they propose to establish their stores in Maharashtra and Karnataka.

"We hope that this will mark a new beginning in transforming India's retail industry. I am sure that the other global leaders will also look at investing in India," he added.

Tesco said it would invest in the Tata-owned Trent Hypermarket Limited, which operates Star Bazaar and Star Daily in the western state of Maharashtra and the neighbouring southern state of Karnataka.

More on This Story

Related Stories

More India stories



  • FridgeCool customer

    The village that has just got its first fridge

  • Lincoln Perkins (in the middle of the image) carried Churchill's coffin with seven other menNear miss

    How pallbearers almost dropped Churchill's coffin

  • Josef Mengele in SS uniformThe twins of Auschwitz

    How a Nazi doctor experimented on identical siblings

  • Alok'Red market'

    The desperate patients in India turning to illegal blood donors

  • Bank House, 27 King Street, LeedsIn pictures

    Some of the striking buildings new to the National Heritage List

Copyright © 2015 BBC. The BBC is not responsible for the content of external sites. Read more.

This page is best viewed in an up-to-date web browser with style sheets (CSS) enabled. While you will be able to view the content of this page in your current browser, you will not be able to get the full visual experience. Please consider upgrading your browser software or enabling style sheets (CSS) if you are able to do so.