Tesco Plc (LON: TSCO), the U.K.'s largest retailer, said Monday it would add 20,000 local jobs over two years.

The company said it would train employees in its produce, meat and bakery divisions. It also plans to renovate existing stores and open new ones.

In unprecedented economic conditions like these, major businesses have a big responsibility to step forward, invest and create jobs, said Richard Brasher, U.K. CEO, in a statement.

Tesco will target youth unemployment by providing 10,000 apprenticeships.

This is a massive confidence boost for the UK economy, said British Prime Minister David Cameron in a statement.

Separately, Tesco raised $602 million in the initial public offerings of its Thailand-based Tesco Lotus property fund. It is seeking to expand in Asia.

Tesco is Britain's largest private sector employer with over 290,000 employees, including 70,000 under age 25.

Shares of Tesco were trading at 315.90 pence sterling at Monday's market close after falling 0.62 percent. The stock has fallen over 21 percent over the last three months.