Govt allays Tesco, Wal-Mart retail fears
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Days after India assured global retail giants Wal-Mart and Tesco that it will 'hand-hold' them for their entry into multi-brand retailing in the country, commerce and industry minister Anand Sharma said that the two had sought clarifications on sourcing areas.
"They sought clarifications on the sourcing areas - whether from state or region. There is no restriction on it because 100% FDI is allowed in the backend," Sharma said at the CII Global Partnership Summit.While CEO Wal-Mart International Doug McMillon said the company is studying the terms before making a final announcement, Tesco chairman Richard Braodbent sought clarifications on some of the conditions that India has imposed while allowing foreign players to open stores in the sector.
Sharma had asked both firms to send a written request for clarification to the ministry, and assured them of all necessary clarity on the policy. "India's policy on FDI in multi-brand retail has finality and they need not be unduly concerned about any policy reversal," he had earlier said in Davos.