Local partner sought
UK supermarket giant Tesco is in joint-venture talks with Indian companies, according to reports today.
Finance director Andrew Higginson, speaking at Reuters Consumer and Retail Summit in London yesterday, confirmed the grocer was interested in moving into the Indian market. Higginson said: 'We've spoken to a lot of people. We would like to find a partner because it is not a market we want to do on our own.'
Under Indian laws, single-brand retailers can take up to a 51 per cent stake in joint ventures, but multi-brand retailers can only establish franchises.
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