BRITISH retail giant Tesco has finalised a deal with the state-run China Resources Enterprise (CRE) to create the largest food chain in China, reports BBC News.
The joint venture will combine Tesco's 131 outlets in the country with China Resources 3,000 stores, called Vanguard.
China Resources will own 80 per cent of the new chain and Tesco will hold 20 per cent.
"The partnership creates a strong platform in one of the world's largest markets. We can now build a profitable multichannel business, offering our customers in China the best of modern retail," said Tesco CEO Philip Clarke.
China is the world's biggest market for food and groceries with an annual value of more than US$1 trillion and expected to grow 50 per cent in the next three years, according to research group IGD,
Earlier this year, Tesco announced a joint venture with Trent Limited, part of India's Tata Group, which operates the Star Bazaar retail business in India.
Tesco said it would invest GBP85 million (US$142.5 million) in the joint venture, that would operate 12 stores retailing a range of products including groceries and home care products.
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