Business Sentiment Survey
Asian businesses optimistic; sentiment in India falls
Asia's top companies have become more optimistic about their business outlook with the retail and shipping industries rebounding sharply in the second quarter of 2013, the latest Thomson Reuters/INSEAD Asia Business Sentiment Survey shows. Full Article
REUTERS SHOWCASE
Asian Stocks Outlook
Asian stocks to lead the way to year's end, Fed seen pulling back - Reuters Poll. Full Article
Reviving Infra
Road building revival offers rare hope for India infrastructure overhaul. Full Article
Buy, Sell or Hold?
Confused while buying stocks? Get buy, sell or hold recommendations from VantageTrade. Full Coverage
Reuters India Mobile
Get the latest news on the go. Visit Reuters India on your mobile device. Full Coverage
Six global retailers apply for 51 pct control of India ops
MUMBAI |
MUMBAI (Reuters) - India has received six proposals from global single-brand retailers seeking permission to own 51 percent of their operations in the country, the commerce ministry said on Monday.
Retailers who have applied to the government include apparel maker Tommy Hillfiger, clothing retailer Brooks Brother Group, Italian jewellery brand Damiani International, French fashion brand Promod SAS, Fapa Company Ltd and NA Pali Europe SARL, which is a unit of sportwear retailer Quiksilver Inc (ZQK.N).
Many of these retailers are already present in India via licensing and joint-venture partnerships with Indian retailers.
The government has not taken a decision on these proposals, the ministry said in a statement.
Recently an application by Zara owner Inditex S.A. (ITX.MC) to sell a more upscale brand through a joint venture with Tata Group's retail arm, Trent Ltd (TREN.NS), was rejected by the Foreign Investment Promotion Board (FIPB).
In January, India allowed foreign single-brand retailers to set up wholly owned operations in India, but a requirement that companies source 30 percent from small local firms has discouraged retailers from applying for full ownership.
Only Ikea and Pavers, a British shoe chain, have applied so far hoping to bank in on rising middle-class incomes and an expanding appetite for global brands and lifestyles.
The statement said no decision has been taken on modifying the sourcing norms, a widely expected move from the government as it struggles to attract overseas investors in the sector.
(Reporting by Nandita Bose; Editing by Gopakumar Warrier)
- Tweet this
- Link this
- Share this
- Digg this
- Reprints






Follow Reuters