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Friday, December 20, 2013

After Tesco-Tata Deal, Anand Sharma hopes more retail majors to set up in India 
NEW DELHI: Commerce and Industry Minister Anand Sharma expects other major global retailers to invest in India after Tesco announced $110 million investment in the multi-brand retail sector in partnership with Tatas. "We do hope that the other majors in this sector will also come, looking at the potential of the Indian market. The fact that they are coming to a country of 1.25 billion, and a country which is the largest producer of food grains, fruits and vegetables...," Sharma told reporters on Thursday. 

Sharma was speaking to reporters after a meeting with George Nakayama, president and CEO of Daiichi Sankyo, Japan. Surely, there is benefit for the investors and it is very clear that when others identify their domestic partners or Indian partners, they will come soon, he added. 

The UK-based Tesco has applied to the Department of Industrial Policy and Promotion (DIPP) for investing as much as $ 110 million in partnership with Tata's Trent . 

This is the first foreign investment in the multi-brand retailing sector since the Central government allowed 51% FDI in September last year. Sharma said investing in India is a business decision and "those who have to invest, they too take time to firm up the business plans". 

He added: "We saw that in the single brand also. Initially, there was this talk that why people have not come but more than $3 billion investment proposals have come in the single brand alone. IKEA took almost a year...but they have finally taken the decision to come and that is the biggest investment." 

He added: "We saw that in the single brand also. Initially, there was this talk that why people have not come but more than $3 billion investment proposals have come in the single brand alone. IKEA took almost a year...but they have finally taken the decision to come and that is the biggest investment." 

In case of brownfield (existing firms), particularly where critical verticals are concerned, there are certain conditionalities that have been put, he said. "...also in the shareholding structures, or the agreement. And those conditions will have to be met when FDI is proposed for acquisition purposes beyond 49%, but rest there are no restrictions," the commerce minister said.