Retail giant Tesco have announced a £60million venture into the wholesale cash & carry business in India, alongside a deal with the Tata, owners of the Land Rover/Jaguar group.
Tata already has a stake in the Indian retail market through their Tata’s Star Bazaar hypermarkets and the deal is hoped to grow that chain from the current four hypermarkets to fifty, during the next five years.
The deals will “enable the two companies to benefit from the rapid development of a modern supply chain”, said a Tesco spokesperson.
As well as supplying the hypermarkets, the wholesale outlets will be tailored to suit the Indian market. Goods will be bought from local farmers and sold on to restaurants and small business owners as well as supermarket chains.
“This is another exciting development for Tesco,” said Sir Terry Leahy, chief executive. “It complements our entries into China and the US, giving us access to another of the most important economies in the world.”
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