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It is, for both sides, an investment that can help improve their reputations. Tesco's plan to run multi-brand retail outlets in India demonstrates to the market the UK retailer, for all its problems, still has plans for growth. India's government will be happy that, 15 months after it pushed through plans to allow overseas players to invest in multi-brand retailers, someone has finally taken the bait.
The world's top food retailers may not have got the news they were looking for when India's new government published its first annual budget yesterday (6 July). Despite apparent support in some political circles for a loosening of the laws restricting foreign investment in Indian retail, the budget made no mention of any reform. However, as Dean Best reports, the likes of Wal-Mart, Tesco and Metro Group should still be cheered by India's plans for modernisation.
India has attracted increasing attention from multinational retailers in recent years. Alongside China, India is viewed as one of the top economic powerhouses of Asia, generating 19.8% of the Asia-Pacific region's food retail value. While India’s organised retail market is still in its infancy it offers huge potential for expansion. Here are ten quick facts on Indian retail.
Tesco has unveiled plans to enter the Indian retail market by establishing a wholesale business in Mumbai. The UK-retailer has also inked a deal to help expand Tata Group’s hypermarket chain Star Bazaar. While Tesco’s level of investment remains relatively small, the move clearly sets the stage for future expansion into India’s burgeoning organised retail sector. Katy Humphries reports.
Indian political party Bharatiya Janata Party (BJP), which is expected to lead the country's next government, has said it plans to ban foreign supermarkets from entering its retail sector.
UK retailer Tesco has confirmed that it will invest GBP85m (US$132m) to establish a multi-brand retail joint venture with Trent Ltd, part of the Tata Group, in India.
Tesco has set out a plan to become the first foreign retailer in India to run multi-brand outlets, with an application to invest in local operator Trent Hypermarket.
UK retail giant Tesco is understood to be looking at expanding further into India just days after announcing a review and potential exit from its troubled US venture.
More overseas investment would benefit India's retail sector, Tesco CFO Laurie McIlwee insisted today (8 December).
Tata Global Beverages Ltd (TGB), the joint venture between Pepsico India and Tata Tea, plans to enter into the global food industry with a range of healthy food products.
South African retailer Shoprite Holdings today (3 March) hinted the company was likely to quit India over frustrations at the rules governing foreign ownership of local businesses.
Indian conglomerate Future Group has confirmed that it is mulling the formation of a joint venture with a number of international retailers.
Tesco has confirmed that it plans to open its first wholesale cash-and-carry outlet in India this year.
French supermarket group Carrefour is reportedly nearing an agreement with India’s largest retailer, Pantaloon Retail.
Retail giant Tesco has today (12 August) announced its intention to develop a wholesale cash-and-carry business in India.
Indian conglomerate The Tata Group has reportedly indicated it is looking to set up supermarkets in the country alongside Australian retail giant Woolworths.
Indian conglomerate The Tata Group has made a foray into processed foods with the acquisition of a majority stake in Innovative Foods.
Tesco has confirmed its interest in the possibility of expanding into the Indian market.
The UK’s Tesco is reportedly in talks with potential Indian partners, including Tata Sons, with a view to entering the country’s burgeoning US$300bn retail market.
Indian conglomerate Tata Group is reportedly planning a "big bang" entry into the Indian e-commerce space.
On Monday (30 December), India's foreign investment watchdog reportedly cleared Tesco's move to become the first overseas retailer to run multi-brand retail outlets. Industry watchers are now looking to see which other multinational could follow in the UK grocer's footsteps.
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