In a country where wearing lipstick could still invite disapproval, Simone Tata understood that Lakmé's future depended on shifting attitudes.
The six-year-old Tesco Hindustan Service Centre, the Bangalore-based support centre of Tesco Plc, the world's third largest retailer, is gearing up for the retail giant's cash-and-carry outlet opening by year-end.
Tesco was the first global retailer to apply for multi- brand retailing in India.
The company has entered into an exclusive franchise agreement with Tata group's retail venture Trent, which will help in driving the latter's hypermarket format Star Bazaar. Tesco plans to develop new wholesale outlets, which will offer a range of food, grocery and non-food products to small retailers, restaurants, kirana stores and other businesses.
The first such proposal in the sector has come from the joint venture between Tata-Trent and Tesco Plc, which will open outlets simultaneously in these two states.
The UK's largest retailer, with revenues of 67 billion pounds, is currently focusing on its existing franchise agreement with the Tata-run Trent.
Tesco proposal entailing investment of $110 million has been cleared, sources said after the FIPB meeting held in New Delhi.
The company said Philip Clarke will continue as CEO until October 1 and will remain available to support the transition until the end of January 2015.
UK-based retail major Tesco Plc on Tuesday filed the first application for setting up multi-brand retail outlets in India.
After approving 51 per cent FDI in multi-brand retail, the CoS is said to have suggested stringent conditions for foreign retailers such as minimum investment of $100 million.
Speaking at Assocham's international retail summit, Rakesh Kacker, additional secretary in the Department of Consumer Affairs, said the government would take a decision at an "appropriate time". He did not specify the time-frame. The move has been in abeyance due to protests from across the political spectrum.
The Indian government has simplified FDI policy inorder to attract global retail chains.
India could allow global online retailers such as Amazon.com Inc to sell their own products as early as next month, removing restrictions that could boost competition in one of the world's biggest, and most price-sensitive, retail markets.
Greg Abel and Ajit Jain would be prime candidates
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