Trent shares surges 17.9 per cent after Tesco deal

Dec 18 2013, 10:45 IST
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SummaryTesco, world’s third-largest retailer, will set up stores in India in partnership with Tata-owned Trent.

Shares in Trent Ltd surge 17.9 percent after Tesco Plc said on Tuesday it had applied to buy a 50 percent stake in the company's unit, Trent Hypermarket Ltd.

The world's third-largest retailer, which already has a franchise agreement to provide support to Trent's Star Bazaar chain, has made an application to India's Foreign Investment Promotion Board and plans to invest $110 million, an official at the Indian trade ministry said.

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