'German cos keen on India multi-brand retail biz'

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Agencies: New Delhi, Oct 30 2012, 19:14 IST

A few German companies are keen on entering the multi-brand retail business in India and their are proposals are being examined, a visiting diplomat said here today.

"There are few offers from companies and we are just examining them at the moment. These are the world known companies that are interested and we will do whatever way we can help them," Germany's Parliamentary Secretary, Federal Ministry of Economic Cooperation and Development, Gudrun Kopp said.

She, however, declined to name the companies.

She was speaking on the sidelines of one-week long Indo-German Urban Mela being organised here.

The government in September had allowed 51 per cent foreign direct investment (FDI) in multi-brand retail segment.

At present, government allows up to 100 per cent FDI in the wholesale cash and carry segment.

Opening up of multi-brand retail segment for global players will provide business opportunities for companies for global retail companies.

Currently, the US-based global retail chain Walmart operates wholesale stores in India in a 50:50 joint venture with Bharti Enterprises, while Carrefour Group of France operates two cash and carry stores.

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