Big Local Firms Cheer Retail Opening

November 27th, 2011 by James

Big Local Firms Cheer Retail OpeningThe move by India to open its supermarket sector to foreign investors brought relief to its capital-starved local chains.

It however failed to impress small-shop owners who dominate retail in the country, despite rules intended to safeguard small operators.

From in.finance.yahoo.com:

The government approved its biggest reform in years by allowing global supermarket giants such as Wal-Mart Stores Inc and Tesco to enter India with a 51 percent stake in the hope it would attract capital to build much-needed supply chains and improve efficiency to alleviate food-driven inflation.

“This is an extremely important step for domestic retailers as this will get in much-needed capital, apart from domain knowledge,” said Thomas Varghese, chief executive of Aditya Birla Retail.

“The set of transactions which will happen fast is foreign players who are in existing joint ventures with Indian firms, the increase or decrease in stake, will happen quickly,” Debashish Mukherjee, partner and vice-president at consultancy firm AT Kearney, said. “The second are a set of deals that are waiting to happen and have been just waiting for the announcement.”

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