The Committee of Secretaries has cleared the proposal to allow up to 51% foreign direct investment in the politically sensitive multi-brand retail. This has come as a relief to many organised retailers including Kishore Biyani, chief executive officer of the Future Group, who says, "We are in the final leg of opening of FDI in retail". Though there would, most likely, be some riders and conditions for getting a final nod for the same, he said.
With Asian retailers like Japanese companies showing interest in India, a USD 100 million criteria should not be problem for foreign investors, he told CNBC-TV18 in an exclusive interview. "They are looking for inorganic growth and are showing interest in departmental and home retail segments," he added. Also read: BJP fights FDI policy, says it'll have bad eco implications Also, according to Biyani, domestic sourcing of 30%, too is not a challenge. Below is a verbatim transcript of his exclusive interview with CNBC-TV18Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
