Tesco seeks clarifications on India's FDI retail policy
Davos: The UK-based retail giant Tesco on Thursday sought clarifications from Commerce and Industry Minister Anand Sharma on some of the conditions that India has imposed while allowing foreign players to open stores in the multi-brand retail sector during their meeting here.
"Sharma met Tesco Chairman Richard Broadbent who sought certain clarifications on conditionalities in the new FDI policy for the retail sector," an official statement said.
It said that Sharma has assured all help to the company.
"Sharma assured that all the foreign investors will be provided hand holding and asked him to voice their concerns in writing and offered all help if Tesco decides to send a team to the Department for Industrial Policy and Promotion (DIPP) for consultation," it said.
India has imposed certain conditions like foreign retailers planning to enter the multi-brand segment having to invest a minimum of USD 100 million with 50 per cent of it in the back-end infrastructure.
The firms will also have to source 30 per cent of their products from MSMEs.
Chief Executive of global liquor giant Diageo Paul S Walsh also met Sharma and informed the Minister "that Diageo is exploring the opportunities of marketing Indian spirits overseas".
Walsh termed India as 'fantastic market' and said that their experience with India has been 'great'.
Besides, Peter Sands, Group CEO, Standard Chartered, discussed the upcoming meeting of India-UK Business Forum to be co-chaired by Ratan Tata in the first quarter of this year.