Green Light

first_imgRetail behemoths Wal-Mart, Tesco and Carrefour are set to secure approval for setting up majority-owned stores in India. A panel of Ministerial secretaries green-lighted the proposal, which now heads to the union cabinet for approval. Presently, only single brand retailers can hold majority stake in their Indian outlets.In a bid to appease small retailers, who have been opposing the entry of foreign department stores, the stores will only be permitted in cities with a population of over 1 million and will require minimum $100 million in foreign direct investment. In addition, they will be required to source at least 30% of manufactured items from small and medium enterprises Related Itemslast_img read more