After the UPA-led government of India announced the policy of allowing 51 percent foreign direct investment (FDI) in the multi-brand retailing sector in September last year, Tesco Plc, UK-based was the first global retailer to apply for multi- brand retailing and only proposal for investment received by the government, Parliament was informed today.
Till now, British retail major, M/s Tesco Overseas Investment Ltd’s proposal has been approved by previous Government to carry out the business of multi brand retail by trading in India.
Textiles Minister Santosh Gangwar in his written reply in the Rajya Sabha, mentioned that No other application/proposal for Investment in multi brand retail sector has been received in Department of Industrial Policy & Promotion.
The extant FDI policy in Multi-Brand Retail trade (MBRT) stipulates that at least 30 per cent of the value of procurement of manufactured/processed products purchased shall be sourced from Indian micro, small and medium industries, which have a total investment in plant & machinery not exceeding USD 2 million.
However, the Foreign Investment Promotion Board had approved UK-based Tesco Plc's proposal to enter the Indian multi-brand retail segment in joint venture with Tata Group company Trent Hypermarket with an initial investment of USD 110 million (about Rs 680 crore).
Commerce and Industry Minister Nirmala Sitharaman after assuming the office had indicated that foreign players will not be allowed to open mega stores in the country, saying that FDI in multi-brand retail trade will adversely impact small traders and farmers.
As per extant FDI policy, FDI up to 100 percent under the automatic route is permitted in B2B e-commerce activities. The present policy does not permit retail trading in any form, by means of e-commerce, for companies with FDI engaged in the activity of single/multi brand retail trading.
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