Currently, foreign companies can only invest only up to 51 percent in multi-brand retail, while there is no cap on single-brand retail.
The company, which is to be based in London, operates online fashion sites in countries which typically lack reliable transport delivery networks on which modern e-commerce depends.
The FIPB has given a quick green signal to the Tesco move to retail with Tata but given a drop in sales in Tesco's nine foreign markets, they are not headed for any quick and significant expansion yet.
The eight year old Atria Mall in Mumbai's prime Worli is the latest mall to close down business. The promoters have put this mall on the block and hope to raise about Rs 1,000 crore from the exercise.
This comes as a very positive move for all Indian multi-brand retailers who are looking for prospective foreign partners.
Speaking to CNBC-TV18, Vivek Gupta, partner, BMR Advisors, says the government, however, needs to clarify on Brownfield and Greenfield investments too.
Carrefour is the second largest retailer in the world with revenues to the tune of USD 80 billion. China and Taiwan are the only Asian markets that it is present in. So, sources tell us that India could be the third Asian market for the group.
After a series of presentations by its officials, the government approved IKEA's Rs 10,500 crore proposal in May paving way for it to set up home furnishing stores along with cafeterias in the country. Earlier, as per the government policy the company was not allowed to open cafes and restaurants at its stores.
Not Carrefour, which pioneered the stores across the globe, making it the world's second largest retailer after Wal-Mart , but its attempts to revive the hypermarket in France have ended the tenure of a string of chief executives.
The medium and small enterprise ministry said that global multi brand retailers must have to comply with mandatory 30 percent sourcing norm for small industries.
Representatives of both foreign and domestic retail companies, including Walmart, Tesco, Carrefour, Bharti, Aditya Birla Group, Tatas, Reliance and Pantaloon, among others met Commerce and Industry Minister Anand Sharma.
CNBC-TV18 reports that the meet held by the commerce mininstry with retailers to allay investment concerns ended on positive note.
CNBC-TV18's Nayantara Rai and Rituparna Bhuyan report, quoting sources, that Carrefour and Sainsbury have raised specific queries regarding FDI in multi-brand retail sector and commerce minister Anand Sharma has promised to answer and provide clarifications to these queries
Carrefour, the world's second-largest retailer, reported a dip in first-half profits on Thursday, hit by poor performances from businesses in austerity-hit countries such as Spain and Italy which the company is expected to address later in the day with the presentation of a new turnaround plan.
India's largest supermarket operator, Future Group, is having a clearance sale: its financial service business and flagship clothing brand are gone, and more deals are in the pipeline.
The Indian head of French retail giant Carrefour, Jean Noel Bironneau, today called on Commerce and Industry Minister Anand Sharma amid calls from sectoral players to open multi-brand retail in India to FDI.
Over one lakh traders, farmers and hawkers today staged protests in various cities to oppose FDI in multi-brand retail, the Confederation of All India Traders (CAIT) claimed.
Wal-Mart,Carrefour flexible; kiranas dropped from supply chain
Most retail stocks recovered on Wednesday after some tough talking by Prime Minister Manmohan Singh raised hopes that the government would stay firm on its decision to allow 51% foreign direct investment in multi-brand retail.
Retail stocks continued to slide on Tuesday amid growing opposition from political parties, some them within the UPA government, for FDI in multi-brand retail. Most of these stocks fell 3-5% on Tuesday after an all party meet held to try and iron out the differences failed to make any headway.
Retail stocks surged 10-20% on Friday as the market cheered the government’s decision to allow 51% foreign direct investment [FDI] in multi-brand retail and 100% FDI in single-brand retail. Pantaloon Retail gained the most, up 17% in morning trade. But is it really a good time to buy retail stocks?
World No 2 retailer Carrefour on Thursday hailed India's decision to open its supermarket sector to foreign players and said it would continue to develop its existing cash-and-carry business in the fast-growing market.
Indian retailers finally get a chance to rejoice as the Cabinet today cleared the bill to increase foreign direct investment to 51% in multi-brand retail and 100% in single brand.
The cabinet on Thursday will discuss allowing 51% foreign direct investment (FDI) in multi-brand retail and 100% in single-brand retail, a government spokeswoman said on Wednesday.
The government today indicated an "early" decision on opening multi-brand retail to foreign investment, stating that the issue is receiving attention "at the highest level".