Govt to notify 100% FDI in single brand retail soon: industry secy | business | Hindustan Times
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Govt to notify 100% FDI in single brand retail soon: industry secy

business Updated: Jan 06, 2012 13:32 IST

Reuters
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The government is soon expected to issue the notification allowing 100% foreign direct investment in single brand retail, industry secretary, PK Chaudhery said on Friday.

After years of delay due to political opposition, the cabinet on Nov 24 approved 51% foreign ownership in multi-brand retail, with conditions, and full ownership in single-brand retail.

However the government later suspended plans to open its $450 billion supermarket sector to foreign firms due to huge political opposition, backtracking from one of its boldest reforms in years.