Tesco confirms joint venture with Tata in India

RNS Number : 9063C

Tesco PLC

21 March 2014

 

News release…

Friday 21 March 2014

TESCO CONFIRMS JOINT VENTURE WITH TATA IN INDIA

Following its previous announcement and receipt of approval from the Indian Foreign Investment Promotion Board, Tesco has today entered into an agreement with Trent Limited, part of the Tata Group, to form a 50:50 Joint Venture in Trent Hypermarket Limited (THL) which operates the Star Bazaar retail business in India.  Tesco's investment will be around £85 million. 

Completion of this transaction is subject to other necessary approvals.

Notes to Editors:

§ On completion of the transaction THL will operate 12 stores retailing a range of merchandise including food and grocery, personal and home care products, home and kitchen, fashion and accessories etc.  The stores are operated under the 'Star Bazaar' and 'Star Daily' banners, and spread across the Southern and Western regions of India.

§ Since 2008 Tesco has had a wholesale supply and franchise /technical service agreement to supply merchandise and provide technical knowhow and support to THL in India.

Contacts:

Investors:     Chris Griffith          01992 644 800

Media:         Tom Hoskin           01992 644 645
                     Brunswick              0207 404 5959

 

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