Tata Group Chairman Ratan Tata has hailed the Government’s move to allow foreign direct investments in multi-brand retail.
This clearance will enhance the image of India amidst foreign investors and will signal that India is on the move again, Tata said in a letter to Commerce and Industry Minister Anand Sharma.
Tata has also recognised Anand Sharma’s efforts in achieving this “long overdue goal despite tremendous political resistance from vested interest sections”, sources said.
This letter comes close on the heels of the Government decision of Friday’s to modify the FDI policy so as to enable up to 51 per cent foreign holding in multi-brand retail.
Simply put, the Centre has now thrown open the gate for foreign supermarket chains to own and operate stores in India.