LONDON: Tesco PLC has announced the sale of its 20% share in Gain Land to a subsidiary of its joint venture partner, China Resources Holdings (CRH). 

Gain Land is the Chinese joint venture with CRH that was established in 2014.  The disposal will result in net cash proceeds to Tesco of £275 million which will be used for general corporate purposes.

The disposal allows Tesco to further simplify and focus the business on its core operations. The transaction will complete on 28 February 2020.

Tesco is a British multinational groceries and general merchandise retailer with headquarters in Welwyn Garden City, Hertfordshire, England, United Kingdom. It is the third-largest retailer in the world measured by gross revenues and the ninth-largest retailer in the world measured by revenues.