Tesco confirms joint venture with Tata in India

Britain's Tesco has sealed a joint venture agreement with a unit of India's Tata Group that will see it invest $140 million and become the first foreign supermarket to enter the country's $500 billion pounds retail sector. Tesco said on Friday that following receipt of approval from the Indian Foreign Investment Promotion Board, it has entered into a deal with Trent Limited to form a 50:50 joint venture with the operator of the Star Bazaar retail business, Trent Hypermarket Limited (THL).