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September 26, 2017

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India considers new reforms to lure foreign-owned supermarkets: report

NEW DELHI -- India's government is to propose watered down legislation later this month to open up the retail sector to foreign supermarkets, news reports said on Tuesday.

The Mail Today tabloid and Hindustan Times reported that the government would propose allowing groups such as U.S. giant Wal-Mart or French multinational Carrefour to own up to 49 percent of local subsidiaries.

The legislation would also include provisions for state governments to set local conditions for the groups, a move designed to head off opposition to the highly controversial legislation.

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