New Delhi, Dec 17 (KNN) Global retail chain, Tesco has applied for picking up 50 per cent FDI in Tata owned Trent Hypermarket Limited that will expand its presence in multi-brand retail.
For starters, the total investment being brought about by the UK based Tesco would be USD 110 million.
The Hypermarkets to be opened by the joint venture between the Tatas and Tesco will initially have operations in Maharashtra and Karnataka, the two states ruled by the Congress government.
Talking to reporters, Commerce and Industry Minister, Anand Sharma said, the FDI in retail would help farmers secure remunerative prices and integrate SMEs into the global value chain.
The hypermarkets would carry grocery products, fish, meat, poultry, bakery and dairy products, soft drinks, ice creams, liquor, garments, furniture, crockery, footwear, jewellery, electronic equipment, books, etc.
Currently, Trent Hypermarket is operating 16 stores under different banners in southern and western India. It plans to open 3-5 more stores every financial year.