Several global retailers want to open stores in India: Sharma
New Delhi: Global retailers, including Tesco and Sainsbury's, have expressed keen interest in setting up of multi-brand retail stores in the country, Commerce and Industry Minister Anand Sharma said on Tuesday.
"There have been expression of interest...The first step has been taken by Tesco, by Sainsbury's. There has also been an expression of interest but not a formal proposal, from Carrefour, H&M. So they all are coming," Sharma told reporters on the sidelines of a function here.
He said that some of the major global players like the UK-based Tesco and Sainsbury's have sourcing subsidiaries in India.
Multi-brand foreign retailers such as Walmart, Metro, Carrefour and Tesco have already invested in India under cash-and-carry arrangements.
Earlier this month, Chairman of France-based Auchan, one of the world's largest hypermarket chains, Auchan Vlanney Mulliez had called on Sharma.
The French company has plans to open 60 stores in India.
At present, Auchan has 13 hypermarkets in India operating under a franchise agreement with Max Hypermarket India.
India allows up to 51 percent foreign direct investment in multi-brand retail.
As per the regulations, foreign retailers planning to enter the multi-brand segment would have to invest a minimum of USD 100 million, with 50 percent of it in the back-end infrastructure.
More from India
More from World
More from Sports
More from Entertaiment
- Cortana for Android available for public beta in US
- Xiaomi Redmi 2 Vs Redmi 2 Prime: Specification comparisons
- Middle class woes to continue, wholesale onion price shoots up to Rs 57 per kg
- Alleged land encroachment in Greater Noida: HC asks DM to decide representation in 3 months
- Watch: Review of Mahindra TUV300