Tesco says meeting with Anand Sharma on retail policy reassuring
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)
- Tweet this
- Share this
- Digg this
- U.S. strikes have slowed Iraq militants but not weakened them - Pentagon
- Modi slams whispering campaign against Rajnath Singh
- Islamic State executes soldiers, takes hostages at Syria base - social media
- India's coal crunch - a chance to revamp, reallocate and revive
- Sensex, Nifty mark record closing high on Euro zone stimulus talk
COAL BLOCK ALLOCATIONS
A Supreme Court ruling this week that India's decades-old method of granting coal mining concessions is illegal could herald much-needed reforms in a sector long dogged by the inability of state-run Coal India to raise output fast enough. Read
Kleiner to invest in messaging startup Snapchat at near-$10 bln valuation - report. Full Article