“There have been expression of interest…The first step has been taken by Tesco, by Sainsbury’s. There has also been an expression of interest but not a formal proposal, from Carrefour, H&M. So they all are coming,” Sharma told reporters on the sidelines of a function here.
He said that some of the major global players like the UK-based Tesco and Sainsbury’s have sourcing subsidiaries in India.
Multi-brand foreign retailers such as Walmart, Metro, Carrefour and Tesco have already invested in India under cash-and-carry arrangements.
Earlier this month, Chairman of France-based Auchan, one of the world’s largest hypermarket chains, Auchan Vlanney Mulliez had called on Sharma.
The French company has plans to open 60 stores in India.
At present, Auchan has 13 hypermarkets in India operating under a franchise agreement with Max Hypermarket India.
India allows up to 51% foreign direct investment in multi-brand retail.
As per the regulations, foreign retailers planning to enter the multi-brand segment would have to invest a minimum of $100 million, with 50% of it in the back-end infrastructure.
Source:Press Trust of India