UK's largest retailer Tesco Plc on Tuesday announced plans to enter the wholesale cash-and-carry business in India with an initial investment of up to 60 million pounds in the first two years.
The company has entered into an exclusive franchise agreement with Tata group's retail venture Trent, which will help in driving the latter's hypermarket format Star Bazaar.
"This is another exciting development for Tesco. It complements our entries into China and the United States, giving us access to another of the most important economies in the world. Our wholesale cash-and-carry format will bring improved value, range and service to thousands of Indian businesses," Tesco CEO Terry Leahy said.
Tesco plans to develop new wholesale outlets, which will offer a range of food, grocery and non-food products to small retailers, restaurants, kirana stores and other