Tesco has confirmed its interest in the possibility of expanding into the Indian market.
However, the UK supermarket operator has declined to comment on fresh rumours that it is in talks regarding a possible tie-up, this time with India’s Hero Group.
“We are interested in the India. It is a market we are researching with a view to possibly establishing operations. We feel it offers great growth potential,” a spokesperson for Tesco told just-food today (8 May).
However, the retailer remained silent on reports coming out of India that it is talking to Hero about the possibility of establishing a joint retail venture in order to circumvent Indian regulations limiting foreign direct investment.
For its part, Hero has indicated that it is looking at various options to extend its business. One of the possibilities under consideration is entering the retail sector.
Tesco has been linked to several possible partners, including the Tata Group and Bharti Enterprises. Bharti has since formed a partnership with US retail giant Wal-Mart.