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FDI in retail: Another window soon: Kamal Nath

Written by: Staff
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Hannover, Apr 24 (UNI) Having allowed entry to foreign direct investment in the single brand companies, the government will soon announce ''another window'' for FDI in retail, Commerce and Industry Minister Kamal Nath said today.

''We will announce another window for FDI in retail in the next six weeks,'' Mr Kamal Nath told reporters on the sidelines of the Hannover Fair 2006.

Despite tough opposition from the UPA supporting Left parties, the government has already notified FDI upto 51 per cent in retail trade of single brand products like Reebok and Nike.

While Mr Kamal Nath did not elaborate on the next ''window'' for FDI in retail, it is understood that it could be allowed inside the Special Economic Zones. The Government has sanctioned over 150 SEZs which will be treated as foreign territories within the country.

The Commerce and Industry Minister said he would insist on the foreign retail players to first come and invest in the backchain of supply like cold storage etc. In the FDI, it is not FDI versus domestic investment . ''It is big versus small. I cannot stop Reliance from setting up a 500,000 square feet chain while I can ask a foreign player to restrict the area,'' he said.

UNI PC SS VP1944

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