Tesco raises concerns on sourcing norms, govt assures co-operation

Written by ENS Economic Bureau | New Delhi | Updated: May 11 2013, 14:16pm hrs
TescoTesco CEO Philip Clarke and Trent Ltd vice chairman Noel Tata met Commerce Minister Anand Sharma. (Reuters)
British retailer Tesco has sought clarification on sourcing norms from the government before firming up its plan to enter the Indian multi-brand retail sector, which was opened up for 51 per cent foreign direct investment last year.

Tesco CEO Philip Clarke and Trent Ltd vice chairman Noel Tata met commerce and industry minister Anand Sharma on Friday and raised some of the concerns during their meeting. Tata Groups Trent Ltd has a franchisee agreement with the British firm for its hypermarket business in India.

It is important today we heard from the minister about some of the small concerns we have, Clarke told reporters after the meeting.

Noel Tata said, We came here for some clarifications on the policy and the minister is going to consider some of the concerns that we have raised.

Assuring the governments co-operation, Sharma told Clarke: You will find a welcoming environment when you come to invest in India and whatever clarification is needed that will be provided.