India not to ease foreign stake norms in retail

July 31st, 2008 - 5:07 pm ICT by IANS  

New Delhi, July 31 (IANS) India has no plan to ease the norms for foreign equity in the burgeoning retail trade industry, Commerce Minister Kamal Nath said Thursday. “There is no plan now to ease (foreign direct investment) norms in retail,” Kamal Nath told reporters here.

At present single-brand foreign retailers in India are allowed to take up to 51 percent in a venture with a local firm.

No foreign equity, however, is permitted in multi-brand retailing - a demand by global majors like WalMart, Costco and Carraffour. These companies are only allowed to give logistical support to domestic multi-brand retail companies.

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