Sharma offers ‘handholding’ as Tesco seeks clarity on FDI policy

Jan 25 2013, 01:18 IST
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SummaryBritish retailer Tesco on Thursday sought clarifications from India on the new FDI regime in the country.

British retailer Tesco on Thursday sought clarifications from India on the new FDI regime in the country.

At the ongoing World Economic Forum in Davos, Tesco chairman Richard Broadbent sought certain clarifications on conditionalities in the new FDI policy for the retail sector. According to commerce ministry officials, Sharma assured that all the foreign investors will be provided “hand holding”.

Sharma also asked him to voice his concerns in writing and offered all help if Tesco decides to send a team to the department of industrial policy and promotion for consultation.

The concerns on the British grocer's part assume significance as they come days after Swedish furniture maker Ikea was allowed to do business in India exactly on the lines of its global model by the Foreign Investment Promotion Board (FIPB) having approved the company's investment plan in “entirety” on Monday.

On the other hand, Diageo CEO Paul S Walsh said the company is exploring opportunities of marketing Indian Spirits overseas. At his meetings with four contenders for the post of WTO director general, Sharma explained India’s stand regarding need for a DG who is from the developing countries and is committed to the development dimension of WTO negotiations.

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