Tesco says meeting with Anand Sharma on retail policy reassuring

MUMBAI Fri May 10, 2013 1:43pm IST

Trolleys are stacked outside a Tesco store in Hammersmith, west London October 3, 2012. REUTERS/Paul Hackett/Files

Trolleys are stacked outside a Tesco store in Hammersmith, west London October 3, 2012.

Credit: Reuters/Paul Hackett/Files

Related Topics

Stocks

   

MUMBAI (Reuters) - Tesco Plc's (TSCO.L) chief executive said on Friday that a meeting with India's Trade Minister Anand Sharma on the country's retail policy had been reassuring, even as Britain's biggest retailer awaits clarifications on foreign investment.

Foreign retailers have been awaiting more clarity on the issues of mandatory sourcing from the country and investment in backend infrastructure after India opened its $500 billion retail sector to foreign supermarkets in September last year.

"I think it was important today that we heard from the minister about some of the small concerns we have. There'll be important points of clarification in the months ahead, Chief Executive Philip Clarke told reporters.

"We're very pleased with the meeting. Reassured. And now we need the important points of clarification and then you'll be hearing more from us."

Tesco has business ties with Tata Group owned Trent's (TREN.NS) Star Bazaar hypermarket chain.

(Reporting by Matthias Williams; Editing by Edwina Gibbs)

FILED UNDER:
  • Most Popular
  • Most Shared

Pending Reform

REUTERS SHOWCASE

Power Theft

Power Theft

India to invest $4 billion to tackle power theft  Full Article 

Debt Funds

Debt Funds

India monitors foreign flows into debt funds, may tighten rules  Full Article 

Bulgari Back in India

Bulgari Back in India

CEO: we shouldn’t have left India so we’re back  Full Article 

 Hindu "Modi-fication"

Hindu "Modi-fication"

Fears grow about Hindu "Modi-fication" of education  Full Article 

Weak Credit

Weak Credit

Hard to hit tax revenue target, credit weak - Jaitley  Full Article 

China Rate Cut

China Rate Cut

China surprises with interest rate cut to spur growth  Full Article 

Gold Imports

Gold Imports

RBI cautious on response to gold import surge  Full Article 

Economic Corridor

Economic Corridor

China commits $45.6 billion for economic corridor with Pakistan  Full Article 

Overseas Funds

Overseas Funds

RBI says overseas borrowed funds can be parked with banks in India  Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device  Full Coverage