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Retail majors keen to enter India: Commerce Minister
25
Apr '13
Mr. Anand Sharma
Mr. Anand Sharma
As India opened entry of foreign firms in multi-brand retailing in the country through foreign direct investment (FDI) route, last year, several retail majors like Tesco and Sainsbury have expressed interest in launching outlets in India, Commerce and Industry Minister Anand Sharma has said.
 
As per the new policy that came into force last year, foreign investors can invest up to 51 percent in multi-brand retailing in India through FDI route.
 
As per the rules, overseas retailers willing to venture in the multi-brand space in India would be required to invest a minimum US$ 100 million, half of which should go towards the back-end infrastructure.
 
Alongside Tesco and Sainsbury, others like H&M and Carrefour have also expressed interest in setting up shops in the country, Mr. Sharma said on the sidelines of a function in New Delhi.
 
Some of the retail majors, including the UK-based Tesco and Sainsbury, already have their sourcing arm in India.
 
Likewise, overseas multi-brand retailers like Walmart, Carrefour, Tesco and Metro have invested in India by way of cash-and-carry arrangements.
 
Auchan, one of the world’s biggest hypermarket chains, which is already operating 13 hypermarkets in India under a franchise agreement with Max Hypermarket India, has also expressed desire to enter India’s multi-brand retail space.
 
In a recent call on Mr. Sharma, Chairman of the France-based retailer, Auchan Vianney Mulliez informed the Minister about the company’s plan to launch 60 outlets in India.
 

Fibre2fashion News Desk - India


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