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