Washington, March 23: Tesco has reportedly sealed a deal with the TATA Group for 85 million pounds to jointly run a chain of shops, becoming the first foreign supermarket to enter the Indian market.
The British retail giant signed an agreement with Tata offshoot Trent four months after the Indian Foreign Investment Promotion Board gave its go-ahead to the company.
According to the express.co.uk, following the agreement, Tesco will become a 50:50 partner in Trent Hypermarket, operating 12 stores under the Star Bazaar and Star Daily banners in the southern and western regions of the country.
Tesco Chief executive Philip Clarke said that he was delighted to build on the great relationship that the company has with the Tata Group by forming this partnership in India.
Meanwhile, the deal is yet to get a final regulatory approval. (ANI)