Tesco is remaining quiet on reports that it has commenced talks with Teta, one of India’s largest companies, with a view to entering the Indian retail market through a joint venture.
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“We cannot confirm these rumours,” a spokesperson for the company told just-food. “India remains a market we are watching with interest,” the UK retailer added.
India’s grocery market, currently valued at about US$300bn, is insulated from international investment by the country’s strict regulations governing Foreign Direct Investment. Indian laws only permit international retailers to enter the market in partnership with domestic companies and operate in the wholesale market.
US retailer Wal-Mart recently beat Tesco to a tie-up with India’s Bharti Enterprises, giving the world’s largest retailer access to the high-growth market.
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