FIPB okays Vodafone's proposal to invest Rs 10,141 cr

Tags: FIPB, Vodafone, News
The Foreign Investment Promotion Board, a unit of the finance ministry, has approved Tesco


Plc's proposal to invest $110 million to set up supermarkets in the country, economic affairs secretary Arvind Mayaram said on Monday.

The regulator also cleared a decision on Vodafone Group Plc's $1.6 billion (Rs 10,141 crore) plan to take full ownership of its local unit.

The deal needs final approval from the cabinet.

Earlier this month, Tesco became the first foreign supermarket operator to venture into India's $500 billion retail sector after announcing it had applied to buy a 50% stake in Tata Group's Trent Hypermarket.

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