France wants 100 FDI in retail

New Delhi, Mar 30 (UNI) France wants India to open up the retail sector completely.

''Seventy-six per cent or 100 per cent FDI in retail will accelerate the will to invest in India,'' French Trade Minister Christine Lagarde said here today at a joint press conference with the heads of top French luxury brands.

She said that with India allowing 51 per cent FDI in retail in single brand products, three top French companies, including Chanel and Louis Vuitton, had already set up shop in the country.

''When the leader is here, more luxury brands will follow,'' Louis Vuitton representative Damien Vernet, who is part of the delegation of Comite Colbert brands on a three-day visit to India, said 51 per cent FDI was a ''very good step in the right direction''.

''But 100 per cent will help us, no doubt,'' he added.

The delegation met Commerce and Industry Minister Kamal Nath in the morning.

UNI