This article is from the source 'bbc' and was first published or seen on . It will not be checked again for changes.
You can find the current article at its original source at http://news.bbc.co.uk/go/rss/-/1/hi/business/6182560.stm
The article has changed 2 times. There is an RSS feed of changes available.
Previous version
1
Next version
Version 0 | Version 1 |
---|---|
Tesco ends Bharti talks on India | Tesco ends Bharti talks on India |
(3 days later) | |
Tesco has stopped talks with Indian firm Bharti Enterprises about launching a potentially-lucrative retail joint venture business in the country. | Tesco has stopped talks with Indian firm Bharti Enterprises about launching a potentially-lucrative retail joint venture business in the country. |
The UK supermarket giant has not said why it has ended negotiations. | The UK supermarket giant has not said why it has ended negotiations. |
But it said it remained "excited by the opportunities available in India" and would continue to review how it might enter the market. | But it said it remained "excited by the opportunities available in India" and would continue to review how it might enter the market. |
Bharti chairman Sunil Mittal told Reuters a partnership would be signed soon, but did not say with whom. | |
Retail industry | Retail industry |
The Bharti joint venture is seen as a huge opportunity for foreign retailers to get a foothold in a market analysts expect will double in size to $637bn (£330bn) by 2015. | The Bharti joint venture is seen as a huge opportunity for foreign retailers to get a foothold in a market analysts expect will double in size to $637bn (£330bn) by 2015. |
Bharti has held talks with Wal-Mart, Carrefour and Metro as well as Tesco, according to reports. | Bharti has held talks with Wal-Mart, Carrefour and Metro as well as Tesco, according to reports. |
As the Indian economy continues to expand strongly, its retail industry, currently worth $300bn (£161bn) a year, is forecast to grow to $427bn (£221bn) by 2010 and $637bn (£330bn) by 2015. | As the Indian economy continues to expand strongly, its retail industry, currently worth $300bn (£161bn) a year, is forecast to grow to $427bn (£221bn) by 2010 and $637bn (£330bn) by 2015. |
Large overseas retailers such as Tesco, Metro and Wal-Mart are currently barred at the retail level in India, but not in the wholesale market. | Large overseas retailers such as Tesco, Metro and Wal-Mart are currently barred at the retail level in India, but not in the wholesale market. |
Previous version
1
Next version