Trent in alliance with Tesco to open 6-8 multi-brand stores in India: Report
Date: 17-06-2014Tesco, in equal partnership with the Tata group’s Trent, is reportedly in process of opening six to eight new stores in Maharashtra and Karnataka under three of its formats this financial year.
Tesco is the only foreign retailer to have made a proposal for multi-brand since the segment was opened to up to 51 per cent foreign direct investment (FDI) in 2012 by the then United Progressive Alliance (UPA) government.
Recently, UK-based Tesco completed purchase of part of the equity shares held by Trent in its wholly-owned subsidiary Trent Hypermarkets (THL) and subscribed for additional THL’s equity shares. Consequently, Trent and Tesco will each hold a 50% stake in THL.
Trent is part of the Tata Group and is engaged in business of retailing. Trent acquired 76% stake in Landmark, one of the largest books and music retail chains in the India.