Finally, as 2014 rings in, its a good news for multi-brand retail FDI. Foreign Investment Promotion Board (FIPB) approves Tesco’s proposal to invest $110 million in Indian retail market in JV with Tata’s Trent Hypermarkets.
The approval makes Tesco the official first in the Indian retail market to set shop in JV with an Indian brand.
Tesco will own 50 per cent stake in Trent Supermarkets that currently runs 16 Star Bazaar hypermarts across Maharashtra, Karnataka, Gujarat, and Tamil Nadu. But Gujarat and Tamil Nadu not yet up for FDI, the current JV will focus on the stores in Maharashtra and Karnataka.
Arisaig India Fund has further acquired 2.36 per cent additional stake in Tata’s retail arm, Trent. This acquisition takes the total stake of Arisaig in Trent to 9.88 per cent. The deal has been struck at a price of Rs 116.2 crore.
Under the deal Arisaig bought 12 lakh in Trent.
Arisaig has also invested in companies including Westlife Development, the McDonald’s franchisee.
One of India’s leading design company, Tata Elxsi, has signed its first startup for its recently launched incubation centre incub@TE. The centre has appointed Big V Telecom, an emerging tech start-up that offers customized Business Telephony Solutions for businesses and consumers. Currently operational with its solution in select region, the company now looks at scaling its presence across India and also various international markets.
Founded and led by Keshor Daga, Big V has won the “Most Innovative franchise business in the service sector” award by BIG Research in partnership with NDTV Profit; “Most Innovative Managed Services” during Aegis Graham Bell Awards 2012; and “Business Excellence Awards” by the Institute of Economic studies.
Tata Starbucks Limited has announced the appointment of Manmeet Vohra as its new Director – Marketing and Category. In her new role, Manmeet will lead all marketing and category aspects for the company in India. Prior to this, she was the Marketing Director at TAG Heuer and brings with her eleven years of extensive marketing experience in the luxury industry.
She takes over Sushant Dash’s position, who has been associated with the Tata Group for close to twelve years and joined Tata Starbucks Limited in August 2012, will continue this association in his new role as the Global Brand Director of Tata Global Beverages Limited. Continue reading Manmeet Vohra joins Tata Starbucks as Director – Marketing & Category
Tata Trent, the retail arm of Tata Group, has ended its six year old agreement with Xander Group, which funded its stores opening across malls. The arm now plans to open standalone Star Bazaar stores and not restrict itself to malls.
Unfortunately, Tata Trent which has a franchise and a wholesale supply arrangement with Tesco Plc, could not open any Star Bazaar in 2012-13 as they all were located in malls. These stores could not operational as the overall package din’t come across as attractive. Continue reading Tata Trent says no to malls for Star Bazaar; breaks ties with Xander Group