Trent Limited has surged 6.5% to Rs 1,340 in early morning deals on the BSE after the company said Foreign Investment Promotion Board (FIPB) approved UK-based Tesco Plc's proposal to invest $110 million to buy 50% stake in Tata Group’s Trent Hypermarket Ltd (THL).
THL operates the Star Bazaar retail business and is a wholly owned subsidiary of Trent.
Tesco in its application has stated that it will invest $110 million (around Rs 680 crore), the amount “could be scaled up later depending on how operations expand in the initial three to four years, the Business Standard report suggests quoting a senior official of the company.
The stock opened at Rs 1,313 and touched a low of Rs 1,286 so far. A combined around 60,000 shares have changed hands on the counter till 0920 hours on the BSE and NSE.
THL operates the Star Bazaar retail business and is a wholly owned subsidiary of Trent.
Tesco in its application has stated that it will invest $110 million (around Rs 680 crore), the amount “could be scaled up later depending on how operations expand in the initial three to four years, the Business Standard report suggests quoting a senior official of the company.
The stock opened at Rs 1,313 and touched a low of Rs 1,286 so far. A combined around 60,000 shares have changed hands on the counter till 0920 hours on the BSE and NSE.
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