The Tata Group is teaming up with Woolworths Ltd., Australia''s
biggest retailer, for setting up a retail chain that will
sell electronics goods. The Australian company will provide
technical support for the retail chain.
retail chain would sell 6,000 products in eight categories,
tapping rising incomes in the world''s second-fastest growing
major economy, Tata Group said in a statement.
Tata group, with interests from electronics and information
technology to steel, currently owns Trent Ltd., which
runs the Indian retail chain Westside that sells garments,
shoes, perfumes, cosmetics etc through its Westside stores.
Indian corporate houses are expanding their presence in
the consumer retail business ahead of the opening up of
the sector for overseas investments pour into the country.
India, with its huge middle class population is aiming
for a share of the $219 billion annual spend made by Indians
at retail chains in India, the second- fastest growing
economy after China, is expected to more than triple to
$23 billion by 2010, according to KPMG International.
government is also holding discussions with Tesco, Wal-Mart
Stores Inc., Carrefour SA and other retailers ahead of
finalising a foreign investment policy for the country''s
$775 billion economy have been expanding at over eight
per cent in the past three years and is expected to grow
at around nine per cent in the current financial year.
government partly relaxed investment norms for retail
industry in January this year by allowing foreign investments
in ``single-brand'''' companies such as Reebok International
Ltd., Adidas-Salomon AG and Nokia Oyj to enter the market
through joint ventures, on the ground that their products
are already available in the
Industries, Shoppers'' Stop etc are also in the rush to
expand retail business before restrictions on overseas
chains are lifted.