Tesco to invest Rs. 850 cr in venture with Trent.

Tata Group-promoted Trent Hypermarket has entered into an equal joint venture with the British retail chain, Tesco.

Following the development, Tesco plans to invest Rs. 850 crore by picking up a 50 per cent stake in the Indian retailer.

While the officials at Trent refused to make any comment on the development, Tesco's website said that on completion of the transaction, the retailer will operate 12 stores selling a range of merchandise, including food and grocery, personal and home care products, home and kitchen, fashion and accessories in stores operated under the 'Star Bazaar' and 'Star Daily' banners, across the Southern and Western regions of India.

Trent Hypermarket is a wholly-owned subsidiary of listed entity Trent, which owns and runs departmental stores such as Westside, Landmark, Star Bazaar and Star Daily.

The funds will be used to set up hypermarkets and supermarkets across the country.

HBL