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63 proposals approved for FDI in single-brand retail: Sharma

Last Updated: Friday, March 15, 2013 - 20:35

Bangalore: Government has approved 63 proposals for FDI in single brand retail so far, Union Commerce Minister Anand Sharma said on Friday.

"We have received and approved 63 proposals for FDI in single brand retail so far," he told reporters on the sidelines of an interaction with the scientists of Central Manufacturing Technology Institute here.

Asked about the investment flow from the proposals cleared, he said, "off hand, I can't tell you what would be the quantum of the FDI which will come in with these 63 proposals. But it would be in terms of billions of dollars."

The biggest player is the Swedish furniture giant IKEA which is already sourcing close to USD one billion from India, Sharma said.

"Most of the single brand retailers have sourcing base in the country and this will increase manifold," he said.

To a query, Sharma said the government has received applications from the British supermarket chains Tesco and Sainsbury to open sourcing centres in the country.

"For the front end, of course, these are business decisions. Once we receive the applications, they will get processed," he added.

Asked whether Italian marines issue would affect business with Italy, he said after Prime Minister Manmohan Singh and External Affairs Minister Salman Khurshid's statements, it wouldn't be appropriate for him to comment on the issue.


First Published: Friday, March 15, 2013 - 20:33
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