CoS recommends 51 pc FDI in multi-brand retail

New Delhi, July 23: The Committee of Secretaries on Friday recommended allowing 51 per cent FDI in the multi-brand retail, with a rider that the foreign investment should be at least USD 100 million.

"The Committee of Secretaries (CoS), which met under the Cabinet Secretary Ajit Kumar Seth, also decided that the overseas mega retail chains will have to pump in at least half of their investment in the back-end supply chain," a source said.

The politically sensitive issue will soon be taken to the Cabinet, the source added.

Several global retailers like Wal-Mart are waiting in the wings for a full-scale entry into India's multi-brand retail segment. India's retail sector estimated at about USD 590 billion, according to an Icrier report, is dominated by mom

PTI