Press Esc to close
Monday 25 May 2015
News updated at 12:48 PM IST
Weather
Max: 33.3°C
Min : 22.5°C
In Bengaluru
Sunny day

Another European major to come into multi-brand retail: Sharma

New Delhi, Dec 23, 2013, (PTI):
 ''In multi-brand retail trading, the first (application) has come. There will be more and I think another European major will come,'' Commerce and Industry Minister Anand Sharma told PTI here. PTI photo

Enthused by Tesco's plan to enter the Indian supermarket segment, the government expects another "European major" to apply for the multi-brand retail sector.

"In multi-brand retail trading, the first (application) has come. There will be more and I think another European major will come," Commerce and Industry Minister Anand Sharma told PTI here.

He, however, did not share the details of the possible applicant.

Last week, UK-based Tesco Plc became the first global retailer to seek government's approval to set up multi-brand outlets in India with a plan to invest USD 110 million in partnership with Tata's Trent.

It has sought permission to acquire 50 per cent in Trent's wholly-owned subsidiary Trent Hypermarket Ltd, that runs Star Bazaar stores.

Sharma said his ministry would fast-track the process of clearance for Tesco.
"It (Tesco's application in the Foreign Investment Promotion Board) will be an expeditious approval," he said.

Allaying concerns of global investors, Sharma said that India's foreign direct investment (FDI) policy is attractive and investments are secure and protected.

"Investments are protected and fully secured under the law and FDI policy both," the Minister added.

He alleged that opposition BJP, including its prime ministerial candidate Narendra Modi, had sent conflicting signals to foreign investors.

"Conflicting signals, which BJP including Modi has sent recently, are scaring away the investors," Sharma said.

BJP is opposed to the new policy of FDI in retail and had voiced its concern over it in Parliament.

Tesco's application had come after an year of the policy which permitted global retail majors up to 51 per cent stake to run multi-brand stores in India.

The company's application is in contrast to the US retail giant Walmart, which was earlier very keen to enter Indian multi-brand retail market, ending its partnership in October with Sunil Mittal-promoted Bharti Enterprises, for opening stores in the country.

A WalMart India spokesperson had said: "Under the requirements contained in the new FDI policy, Walmart could not invest in multi-brand retail through the existing Bharti Retail business."


Go to Top

Photo Gallery
Mumbai India and CSK Cricketers with IPL Trophy during photo session ahead of their IPL 2015...

Mumbai India and CSK Cricketers with IPL Trophy during photo session ahead of their IPL 2015...

Organically grown fruits and vegetables at ‘Pilikula Vasanthothsava’ at Pilikula in Mangaluru...

Organically grown fruits and vegetables at ‘Pilikula Vasanthothsava’ at Pilikula in Mangaluru...

Dr.Rajkumar's Statue Unveil at Gayathri (Rajaji) Nagar...

Dr.Rajkumar's Statue Unveil at Gayathri (Rajaji) Nagar...

An Indian man pours water on his face during a hot summer day in Hyderabad...

An Indian man pours water on his face during a hot summer day in Hyderabad...

A picture of late Pope's John Paul II is seen inside the Force India's Formula One car...

A picture of late Pope's John Paul II is seen inside the Force India's Formula One car...

Children seen carrying sand in cycle cart which collected from the road at Mysuru...

Children seen carrying sand in cycle cart which collected from the road at Mysuru...

A man shows a pair of turtles in Thane, Mumbai ...

A man shows a pair of turtles in Thane, Mumbai ...

A salesman helps a customer to select gold bangles at a jewelry showroom in Mumbai...

A salesman helps a customer to select gold bangles at a jewelry showroom in Mumbai...

A pair of Barbet bird sits on a tree in New Delhi on Sunday...

A pair of Barbet bird sits on a tree in New Delhi on Sunday...

People enjoying in a water park to beat the heat on a hot day in Bhopal on Sunday...

People enjoying in a water park to beat the heat on a hot day in Bhopal on Sunday...

Copyright 2014, The Printers (Mysore) Private Ltd., 75, M.G Road, Post Box 5331, Bengaluru - 560001
Tel: +91 (80) 25880000 Fax No. +91 (80) 25880523