UK’s Tesco in multi-brand retail JV with Tata’s Trent
22 March 2014 12:08 AM GMT
‘Following its previous announcement and receipt of approval from India’s FIPB , Tesco has today entered into an agreement with Trent Ltd, a part of the Tata Group, to form a 50:50 Joint Venture in Trent Hypermarket Ltd (THL),’ the company said in a statement.
THL operates the Star Bazaar retail business in India. Tesco’s investment will be around 85 million pounds, it added. ‘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,’ Tesco said.
The stores are operated under the ‘Star Bazaar’ and ‘Star Daily’ banners, and spread across the Southern and Western regions of India, it added. Last December, Trent and Tesco had announced they have sought regulatory approval to enter into a partnership where each would own a 50 per cent stake in THL, owned by the Tatas.
Tesco became the first global retailer to apply for multi-brand retailing after the government allowed 51 per cent FDI in the segment in September, 2012. The Foreign Investment Promotion Board had cleared its proposal on December 30.
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.
Tata Salt plans new campaign on Mary Kom
New Delhi: Tata Salt, part of the Rs 8500 crore Tata Chemicals, on Friday rolled out a campaign Maine Desh Ka Namak Khaya Hai, the story of Olympic bronze medalist M C Mary Kom. The pugilist started her journey from a poor tribal family of Manipur.
The new campaign carries brand’s philosophy forward and celebrates contemporary icons that are going beyond their own success and giving back to the country in their work domain.
‘Maine Desh Ka Namak Khaya Hai is reflection of the brand's unflinching faith in the people of the country who are living the values of loyalty and are engaged in the holistic development of the nation,’ said Tata Chemicals COO (Consumer Business) Ashvini Hiran.
THL operates the Star Bazaar retail business in India. Tesco’s investment will be around 85 million pounds, it added. ‘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,’ Tesco said.
The stores are operated under the ‘Star Bazaar’ and ‘Star Daily’ banners, and spread across the Southern and Western regions of India, it added. Last December, Trent and Tesco had announced they have sought regulatory approval to enter into a partnership where each would own a 50 per cent stake in THL, owned by the Tatas.
Tesco became the first global retailer to apply for multi-brand retailing after the government allowed 51 per cent FDI in the segment in September, 2012. The Foreign Investment Promotion Board had cleared its proposal on December 30.
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.
Tata Salt plans new campaign on Mary Kom
New Delhi: Tata Salt, part of the Rs 8500 crore Tata Chemicals, on Friday rolled out a campaign Maine Desh Ka Namak Khaya Hai, the story of Olympic bronze medalist M C Mary Kom. The pugilist started her journey from a poor tribal family of Manipur.
The new campaign carries brand’s philosophy forward and celebrates contemporary icons that are going beyond their own success and giving back to the country in their work domain.
‘Maine Desh Ka Namak Khaya Hai is reflection of the brand's unflinching faith in the people of the country who are living the values of loyalty and are engaged in the holistic development of the nation,’ said Tata Chemicals COO (Consumer Business) Ashvini Hiran.
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