More proposals in multi-brand retail expected: Anand Sharma

5 Dariya News

New Delhi (IANS) 21-Dec-2013

After more than a year since multi-brand retail segment was opened to foreign capital, Commerce and Industry Minister Anand Sharma Saturday said that more proposals for foreign investments into the sector is expected before the end of the current fiscal.

"There will be some before the year ends. So before the end of the year, one decision is there. Now before the end of the financial year, there will be more announcements," Sharma told reporters on the sidelines of the 86th annual general meeting (AMG) of Federation of Indian Chambers of Commerce and Industry (FICCI) held here.The minister's views comes after Trent, the retail arm of the Tata Group, and Britain-based retail major Tesco made an application to the Foreign Investment Promotion Board for investment in Trent Hypermarket Limited.THL currently operates 16 stores across the southern and western regions of the country.The proposed partnership will operate and build on the existing portfolio of Star Bazaar stores in Maharashtra and Karnataka. The application envisages a minimum foreign direct investment in line with the applicable multi-brand retail trading policy.