Tesco mum about Indian plans

British retailer Tesco is mum about its plans for India after the Bharatiya Janata Party released a manifesto opposing foreign multi-brand retailers.

Tesco, in March, formed a joint venture with Indian retailer Trent, a part of Tata Group, to operate ‘Star Bazaar’ and ‘Star Daily’ stores in south and west India.

When asked about the details of their expansion plan, both partners declined to give their comments.

“The FDI policy doesn’t encourage any foreign retailer to make investments in India. In fact, I think whosoever forms the new government in the country will have to rewrite the policy (FDI) from scratch to make it more meaningful and effective,” said Wazir Advisors founder and MD Harminder Sahni.

Meanwhile, its rival Walmart announced it is planning open 50 new cash and carry stores across India over the next four to five years. The American giant will also launch a B2B e-commerce in India.

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