Trent Ltd shares gain nearly 10% after Britain's Tesco Plc confirms joint venture

Written by fe Bureau | Mumbai | Updated: Mar 22 2014, 20:54pm hrs
Trent-Tesco joint ventureBritain's Tesco Plc has sealed a joint venture agreement with Trent Ltd, a unit of Tata Group, that will see it invest $140 million.
Share of Trent Ltd gained nearly 10% intraday on Saturday after the British retail giant Tesco said on Friday that it has entered into an agreement with Trent to form 50:50 joint venture in Trent Hypermarket which operates Star Bazar.

Also read: UK supermarket chain Tesco confirms joint venture with Tata Group in India, to invest $140 mn

Tesco, the world's third-largest retailer, which since 2008 has had a franchise agreement to provide support to Star Bazaar, had made the application to India's FIPB in December.

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.

Shares of the Tata Group company ended 5.89% higher at Rs 1054.30 on the BSE in the special trading session, which was conducted as NSE tested its software.

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