In what is India’s first-ever instance of foreign investment in a domestic supermarket retailer, reports say UK grocery giant Tesco has entered India’s market.
Tesco joined local retailer Tat’s Trent through a joint venture, reports say, as Tesco announced that the partnership is now fully in place.
The 50-50 joint venture received the required regulatory clearance, Tesco said Tuesday.
Trent Hypermarket operates the Star Bazaar retail operations in India.
The venture is a landmark development for India, whose competition laws were recently relaxed regarding foreign direct investment, a process that is not allowed in every state in the country.
The Competition Commission of India approved of the joint venture only days ago.
Full content: Economic Times of India
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