Jan. 6 (Bloomberg) -- P.K. Chaudhery, secretary of India’s Department of Industrial Policy and Promotion, comments on allowing foreign investment in the nation’s retail industry. He was speaking to reporters in New Delhi today.
India on Dec. 7 put on hold a decision to allow companies like Wal-Mart Stores Inc. and Tesco Plc to own as much as 51 percent of retailers selling more than one brand.
On multibrand retail:
“The government is in talks with farmers and traders over the issue of FDI in multibrand retail, and consultations with these stakeholders are likely to be completed by the month end.”
On allowing 100 percent foreign direct investment in single brand retail:
“We will issue a notification soon.”
--Editor: Cherian Thomas
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