For Quick Alerts
For Daily Alerts

Retailers welcome move to ease FDI norms in multi-brand retail

By Super
Retailers welcome move to ease FDI norms
NEW DELHI: Retailers today welcomed government's move to ease FDI norms in multi-brand retail and said now it is up to the foreign chains to foray into the country's retail sector.

"Government has taken lot of bold steps in order to provide comfort and confidence to foreign retailers to come to the country. Now the ball is in the foreign player's court to enter into the Indian market," Reliance Retail President & Chief Executive (Lifestyle) Bijou Kurien told PTI.

Expressing similar sentiments, Future Group CEO Kishore Biyani said with the easing of FDI norms and clarity over definition of "control", domestic companies can start engaging with overseas companies for partnerships.

"The clarification given by the government on the 'control' definition that one can invest in the downstream companies provided that the management is Indian will allow retailers like us, Future Group, to see some transactions," he said. Since the government has come out with policy based on the consultations and feedback from the industry, Biyani said more foreign retailers would make an entry into India."We expect more FDI to come in the retail sector," he said.

Retailers Association of India CEO Kumar Rajagopalan said apart from these steps, the government now needs to take more proactive steps in inviting foreign retailers in India.

"Policy change is positive step and the government is sending signals that they want to help foreign retailers. The government should start inviting foreign players to set up their business in India," he said.


Read more about: fdi retail
Story first published: Friday, August 2, 2013, 9:22 [IST]
Company Search
Get Instant News Updates
Notification Settings X
Time Settings
Clear Notification X
Do you want to clear all the notifications from your inbox?
Settings X
We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Goodreturns sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Goodreturns website. However, you can change your cookie settings at any time. Learn more