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'German cos keen on India multi-brand retail biz'

Last Updated: Tuesday, October 30, 2012 - 18:30

New Delhi: A few German companies are keen on entering the multi-brand retail business in India and their proposals are being examined, a visiting diplomat said here on Tuesday.

"There are few offers from companies and we are just examining them at the moment. These are the world known companies that are interested and we will do whatever way we can help them," Germany's Parliamentary Secretary, Federal Ministry of Economic Cooperation and Development, Gudrun Kopp said here on Tuesday.

She, however, declined to name the companies.

She was speaking on the sidelines of one-week long Indo-German Urban Mela being organised here.

The government in September had allowed 51 percent foreign direct investment (FDI) in multi-brand retail segment.

At present, government allows up to 100 percent FDI in the wholesale cash and carry segment.
Opening up of multi-brand retail segment for global players will provide business opportunities for companies for global retail companies.

Currently, the US-based global retail chain Walmart operates wholesale stores in India in a 50:50 joint venture with Bharti Enterprises, while Carrefour Group of France operates two cash and carry stores.

PTI

First Published: Tuesday, October 30, 2012 - 18:30
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