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9, December 2006 Pragati Maidan, New Delhi.
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Foreign retailers are keen to enter India's rapidly growing market, but multiple-brand retailers are only allowed to operate through franchises and licencees, or a cash-and-carry wholesale model, such as Germany's Metro AG and South Africa's Shoprite Holdings have chosen. The Indian retail industry is estimated at about $300 billion and is seen growing to $427 billion in 2010 and $637 billion in 2015, according to consultancy Technopak Advisors, with the entry of large Indian companies, including Bharti, Reliance Industries Ltd and the Tata group. Tesco's main focus now will be to open stores in the United States in 2007, a move that, if successful, is expected to be a big driver of its future growth. `In our view, the key to unlocking the true value of Tesco is the international business,` HSBC analysts wrote last month. India's Financial Express reported last weekend that Bharti and Wal-Mart had agreed on a master franchise deal that would include hypermarkets, supermarkets and grocery stores. The two would initially invest $100 million, going up to $1.46 billion, the paper said, quoting industry sources.
Date: 27-Nov-2006
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