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India panel approves Tesco's $110 mln investment plan

NEW DELHI, Dec 30 (Reuters) - India's 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.

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 percent stake in Tata Group's Trent Hypermarket Ltd.