Tesco studying changes in norms for FDI in retail
Anilesh S. Mahajan November 9, 2012UK-based Tesco Plc, a global multi-brand retail chain, is considering opening stores in India. The company says that it is studying changes in foreign direct investment (FDI) norms in the sector.
In September, the Union Cabinet cleared a proposal to allow 51 per cent foreign investment in the multi-brand retail segment.
"We are trying to understand how things will shape up," said Lucy Neville-Rolfe, Executive Director at Tesco Plc, on the sidelines of the World Economic Forum on India event in Gurgaon, Haryana.
In India, Tesco has a partnership with the Tata group's retail operations company, Trent, for a cash-and-carry business.
According to Neville-Rolfe, the new model also requires partnership. Asked whether Tesco would partner Tata, she said the company was yet to decide on the matter.
Earlier in the day, Neville-Rolfe attended a session addressed by Commerce Minister Anand Sharma, who said that the decision to open more space for FDI would not be rolled back at any cost.
Addressing the media later, Sharma said that the government would expect the Opposition to share its concerns on the floor of the House during the forthcoming winter session of Parliament. Sharma added that he was hopeful the winter session would not go the way of the last two parliamentary sessions, which were marred by disruptions.