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Tesco Partners With Tata for India Supermarket Business

Tesco Plc, the U.K.’s largest supermarket company, plans to become the first global chain to enter India since the government allowed foreign companies to invest in multi-brand retail more than a year ago.

Tesco proposed to invest about $110 million to gain a 50 percent stake in partner Trent Hypermarket Ltd., a unit of Tata Group that runs Star Bazaar supermarkets, according to a statement from the commerce ministry. The application was submitted yesterday and they plan to open between three and five new stores each fiscal year, it said.