• search

Array

Written by: Staff
|

Singapore, Mar 21: Indian conglomerate Bharti Enterprises, controlled by telecoms tycoon Sunil Mittal, is in talks with British supermarket group Tesco Plc. that could see them launch a grocery chain in India's $250 billion retail market, the Financial Times reported on Tuesday (Mar 21, 2006).

A senior Bharti executive told the FT that the company was in talks with several groups, with Tesco as a frontrunner. The British firm already has a relationship with Bharti, which it uses as a supplier for fresh products in its supermarkets.

The executive said Bharti and Tesco had met to discuss a partnership, adding that any joint venture would start with an investment of about $100 million but could rise to over $1 billion.

Tesco declined to comment, the FT said.

India's Business Standard newspaper reported last week that Bharti had initiated talks with Tesco for joint-venture retail plans in India with an initial investment of 60 billion rupees ($1.4 billion).

Tesco, which has a support centre and non-food sourcing operation in the southern city of Bangalore, has been expanding abroad for more than a decade and last month announced a surprise move into the U.S. convenience store market, with plans for a 250-strong chain of stores in California by 2009.

Bharti Enterprises has business interests ranging from Bharti Televentures Ltd., India's biggest telecoms firm, to fresh food.

Reuters

For Daily Alerts

For Breaking News from Oneindia
Get instant news updates throughout the day.

Notification Settings X
Time Settings
Done
Clear Notification X
Do you want to clear all the notifications from your inbox?
Settings X
X
We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Oneindia sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Oneindia website. However, you can change your cookie settings at any time. Learn more