Global retailers finally seem to be gaining confidence in investing in India. Commerce and Industry Minister Anand Sharma on Tuesday said several global retailers, including Tesco and Sainsbury’s, had shown interest in setting up multi-brand retail stores in India.

“Yes, there have been expressions of interest very clearly which have been received. But the first step has been taken by Tesco, by Sainsbury’s. There has also been an expression of interest, but not a formal proposal, and that’s from Carrefour, H&M (Hannes & Mauritz). So, they all are coming,” Sharma said, on the sidelines of an event here on Tuesday. The Minister said Tesco and Sainsbury’s were keen as they already had sourcing arms in India.

While Walmart, Metro, Carrefour and Tesco have invested in India in the cash-and-carry segment, major global retailers have been in wait-and-watch mode, seeking clarity on entry conditions.

Last September, the Government had opened up the retail sector, allowing foreign supermarkets to own up to 51 per cent in local ventures. The Government, however, imposed stiff local sourcing conditions, including compulsory sourcing of products from small and medium enterprises.

Earlier this month, Auchan Vlanney Mulliez, Chairman of France-based Auchan, one of the world’s largest hypermarket chains, had called on Sharma. The French company plans to open 60 stores in India.

> bindu.menon@thehindu.co.in

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