Last December, Trent and Tesco had announced they have sought regulatory approval to enter into a partnership where each would own a 50 percent stake in THL, owned by the Tatas.
British retail major Tesco today announced forming of an equal joint venture with Trent Ltd, a part of the Tata Group, by picking up 50 percent stake in Trent Hypermarket Ltd for about 85 million pounds.
"Following its previous announcement and receipt of approval from the Indian Foreign Investment Promotion Board, Tesco has today entered into an agreement with Trent Ltd, a part of the Tata Group, to form a 50:50 Joint Venture in Trent Hypermarket Ltd (THL)," the company said in a statement.
THL operates the Star Bazaar retail business in India.
Tesco's investment will be around 85 million pounds, it added.
"On completion of the transaction THL will operate 12 stores retailing a range of merchandise, including food and grocery, personal and home-care products, home and kitchen, fashion and accessories etc," Tesco said.
The stores are operated under the 'Star Bazaar' and 'Star Daily' banners, and spread across the Southern and Western regions of India, it added.
Last December, Trent and Tesco had announced they have sought regulatory approval to enter into a partnership where each would own a 50 percent stake in THL, owned by the Tatas.
Tesco became the first global retailer to apply for multi-brand retailing after the government allowed 51 percent FDI in the segment in September, 2012. The Foreign Investment Promotion Board had cleared its proposal on December 30.
Since 2008, Tesco has had a wholesale supply and franchise/technical service agreement to supply merchandise and provide technical knowhow and support to THL in India.
Trent stock price
On February 24, 2014, Trent closed at Rs 1009.50, down Rs 13.05, or 1.28 percent. The 52-week high of the share was Rs 1339.80 and the 52-week low was Rs 902.00.
The company's trailing 12-month (TTM) EPS was at Rs 22.85 per share as per the quarter ended December 2013. The stock's price-to-earnings (P/E) ratio was 44.18. The latest book value of the company is Rs 461.02 per share. At current value, the price-to-book value of the company is 2.19.
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