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India's Trent surges after Tesco says to buy 50 pct in unit

Reuters - UK Focus

MUMBAI, Dec 18 (Reuters) - Shares in India's Trent Ltd (BSE: TRENT.BO - news) surge 6.5 percent at pre-open trading after Tesco Plc (Berlin: TCO.BE - news) said on Tuesday it had applied to buy a 50 percent stake in the company's unit, Trent Hypermarket Ltd.

The world's third-largest retailer, which already has a franchise agreement to provide support to Trent's Star Bazaar chain, has made an application to India's Foreign Investment Promotion Board and plans to invest $110 million, an official at the Indian trade ministry said. (Reporting by Abhishek Vishnoi; Editing by Supriya Kurane)