<p>Tesco, the world's third biggest retailer, which makes about two thirds of its revenue in Britain, took initial steps towards setting up the first foreign-owned chain of supermarkets in India. According to CNBC, the company has applied to buy a 50% stake in Tata Group's Trent Hypermarket, in order to enter India's $500 billion retail sector.<hr class="legacyRuler"><hr class="legacyRuler"><hr class="invisible minimal-padding">In September 2012, the Indian government opened up the supermarket sector to foreign investors. The response from overseas retailers was minimal, as many were said to have been put off by ambiguous foreign participation rules as well as political opposition.<hr class="legacyRuler"><hr class="legacyRuler"><hr class="invisible minimal-padding">A senior Tesco official who spoke anonymously, told Reuters it took months of arm-twisting and assurances by the government to persuade the company to make the $110 million investment. Economic Affairs Secretary Arvind Mayaram told reporters that the Tesco proposal has been approved.<hr class="legacyRuler"><hr class="legacyRuler"><hr class="invisible minimal-padding">Tesco is expected to open three or four stores a year under a slow expansion strategy, in order to comply with sourcing regulations.<hr class="legacyRuler"><hr class="legacyRuler"><hr class="invisible minimal-padding"><a class="btn btn-sm btn-primary col-lg-12" style="white-space: normal;" href="http://www.tesco.com/" target="_new"> Tesco </a><hr class="legacyRuler"><hr class="legacyRuler"><hr class="invisible minimal-padding"><a class="btn btn-sm btn-primary col-lg-12" style="white-space: normal;" href="http://www.cnbc.com/id/101302365" target="_new"> CNBC </a></p><hr class="legacyRuler"><hr class="invisible minimal-padding">
