Tesco is expanding in India

Tesco to enter the Indian market – hvg.hu writes after euronews. The Indian authorities have approved the British retail chain to acquire a 50 percent stake in Tata Group's Trent Hypermarket network. With this step, Tesco can open 3-4 stores a year in India.

The world’s third-largest retailer, which already had a franchise agreement to provide support to Trent’s Star Bazaar chain, has made an application to India’s Foreign Investment Promotion Board and plans to invest $110 million, an official at the Indian trade ministry said.

The decision brings much-needed relief to the government, which had failed to attract a single application since September 2012 when it allowed foreign investors to own up to 51 percent of their operations in what some retail analysts have tipped as one of the last great untapped markets for supermarkets. (hvg.hu)