Tesco, Walmart seeks clarity on multi-brand FDI
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Commerce and industry minister Anand Sharma said today that retail majors Tesco and Walmart had, in Davos, sought clarifications on many aspects of the multi-brand retail FDI policy.
"For example, if they open a store in one state, is the sourcing restricted to that state or can they source from other regions?" he told reporters . The minister has asked the retailers to send written request for clarification to the ministry.
Earlier in Davos, Sharma had met CEO of Walmart International Doug McMillon and Tesco chairman Richard Broadbent and had assured them that it will hand-hold them in their entry into the country.
"In the backend 100 per cent FDI is allowed. So if the front end is open in one area or one state, but if the sourcing area is in the neighbourhood, there is no restriction. Same for SMEs as they will be sourcing from the entire country, agriculture sourcing will be from across the country, so it is their decision, depending upon the logistics," the minister said.
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