Business News
India may ease rules to allow entry of Tesco, Wal-Mart
Nov 18, 2011, 12:13 GMT
New Delhi- India's federal cabinet is expected to soon consider a proposal to allow 51-per-cent investment by foreign companies in multi-brand retail, an official said Friday.
An approval of foreign direct investment (FDI) in multi-brand retail would allow global chains like Wal-Mart, Carrefour and Tesco to enter the Indian market.
A note prepared by the federal commerce and industry ministries on allowing 51 per cent FDI in multi-brand retail and removing a cap on single-brand retail is likely to be considered by the cabinet by the end of next week, an official said on condition of anonymity.
Currently India does not allow FDI in multi-brand retail and permits 51 per cent foreign investment in single-brand retail.
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