Tesco is poised to become the first major retailer to venture into India's $500 billion retail sector.
Earlier this week, Tesco announced that it is has applied to buy a 50% stake in Tata Group's Trent Hypermarket chain. The news comes just over a year after the Indian Government allowed foreign companies to invest in multi-brand retailing.
"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," said Indian commerce minister Anand Sharma.
Tesco is reportedly set to invest $110 million in the Tata Group chain that runs Star Bazaar supermarkets.
© 2013 - Checkout Magazine by Stephen Wynne-Jones