Tesco-Tata scouts for land in metros

Trent Hypermarket, a joint venture between the Tata group and Tesco, the UK-based multinational grocery and merchandise retailer, is looking to buy land in Bengaluru, Mumbai and other cities to build distribution centres for its stores. The land buying will help the company meet this country´s norm of multi-brand foreign direct investment in the segment, with $50 million (Rs.330 crore) investment in new back-end infrastructure. ´Earmarked funds, temporarily parked in mutual funds, have to be utilised for the qualifying end-use in back- end infrastructure only,´ the company said in its annual report for 2015-16.