<p>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.<br /><br /></p>.<p>"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.<br /><br />He, however, did not share the details of the possible applicant.<br /><br />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.<br /><br />It has sought permission to acquire 50 per cent in Trent's wholly-owned subsidiary Trent Hypermarket Ltd, that runs Star Bazaar stores.<br /><br />Sharma said his ministry would fast-track the process of clearance for Tesco.<br />"It (Tesco's application in the Foreign Investment Promotion Board) will be an expeditious approval," he said.<br /><br />Allaying concerns of global investors, Sharma said that India's foreign direct investment (FDI) policy is attractive and investments are secure and protected.<br /><br />"Investments are protected and fully secured under the law and FDI policy both," the Minister added.<br /><br />He alleged that opposition BJP, including its prime ministerial candidate Narendra Modi, had sent conflicting signals to foreign investors.<br /><br />"Conflicting signals, which BJP including Modi has sent recently, are scaring away the investors," Sharma said.<br /><br />BJP is opposed to the new policy of FDI in retail and had voiced its concern over it in Parliament.<br /><br />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.<br /><br />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.<br /><br />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."</p>
<p>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.<br /><br /></p>.<p>"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.<br /><br />He, however, did not share the details of the possible applicant.<br /><br />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.<br /><br />It has sought permission to acquire 50 per cent in Trent's wholly-owned subsidiary Trent Hypermarket Ltd, that runs Star Bazaar stores.<br /><br />Sharma said his ministry would fast-track the process of clearance for Tesco.<br />"It (Tesco's application in the Foreign Investment Promotion Board) will be an expeditious approval," he said.<br /><br />Allaying concerns of global investors, Sharma said that India's foreign direct investment (FDI) policy is attractive and investments are secure and protected.<br /><br />"Investments are protected and fully secured under the law and FDI policy both," the Minister added.<br /><br />He alleged that opposition BJP, including its prime ministerial candidate Narendra Modi, had sent conflicting signals to foreign investors.<br /><br />"Conflicting signals, which BJP including Modi has sent recently, are scaring away the investors," Sharma said.<br /><br />BJP is opposed to the new policy of FDI in retail and had voiced its concern over it in Parliament.<br /><br />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.<br /><br />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.<br /><br />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."</p>