British retail giant Tesco expects to open its first Indian cash-and-carry outlet before the end of the year, the country's Economic Times has reported.
Tesco's partner in the venture will be the Indian conglomerate Tata Group, whose retail arm Trent operates the Star Bazaar hypermarket chain.
'Our local management team is helping our franchise partner, Trent, to develop its Star Bazaar hypermarket operation. Plans for our wholesale business are also on track with our first cash and carry store expected to open towards the end of this year,' Tesco said in a statement.
US retailer Wal-Mart already has two cash-and-carry stores in India, in conjunction with local firm Bharti, and they plan to open up to 15 new outlets in the country over the next three years.
Tesco's business continues to perform well in Asian markets, despite challenging economic conditions at home, and the company said it was looking to the region to fuel its long-term growth.
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