Domestic chains rejoice at Cabinet's in-principle nod to 51% cap, most of them call it a positive development.
WalMart International President and CEO Doug McMillon said in Davios that the Indian government's concerns over allowing foreign direct investment in multi-brand retail were misplaced.
Auto experts from CarJasoos will answer all your questions related to buying, selling or maintenance of new or used cars.
For the fiscal ended 2021, the group has made a loss of Rs 5,943 crore on sales of Rs 11,723 crore, a drop of 66 per cent over fiscal 2020. The group's total debt was up by 7 per cent to Rs 20,742 crore.
Rejecting the demand of global retailers like Walmart, the government on Wednesday said there is no plan to relax the mandatory 30 per cent local sourcing norms for foreign players in the multi-brand retail sector.
The latest cash-and-carry or wholesale outlet, for selling products from grocery to apparel and consumer electronics to businesses, offices and organisations, is coming up in Agra by the middle of 2015, it is learnt.
Punjab and Gujarat are in favour of FDI in multi-brand retail in food items while many others have vehemently opposed the idea, a government official said.
The $31-billion company, which sources around 30 per cent of its global consumption from India, had also criticised the Indian government for not opening foreign direct investment in single brand retailing.
India allows 51 per cent FDI in single brand retail, but multi-brand retail is restricted for foreign investment.
Carnation Auto, a multi-brand car service initiative by ex-Maruti Suzuki chief Jagdish Khattar, on Thursday launched a servicing facility for premium cars in Gurgaon in association with Fiat Group firm Magneti Marelli.
Industry body CII has asked the governments of Delhi and Rajasthan to reconsider their decisions to scrap the FDI policy for multi-brand retail as such investments would help create millions of jobs and benefit consumers.
The government on Tuesday indicated that it was open to changing FDI norms for multi-brand retail sector, saying policies 'are not cast in stone'.
Walmart had entered into a joint venture with Bharti Enterprises.
Kishore Biyani-led Future Retail Ltd on Thursday accused e-commerce giant Amazon of adopting a media strategy of "having every development reported and converted into a line of communication with stock exchanges" regarding the Amazon-Future Coupons' arbitration proceedings in Singapore. The Court of Singapore International Arbitration Centre (SIAC) had turned down a plea of Future Retail Ltd (FRL) to be excluded from being a party to arbitration. In a regulatory filing disclosing the development, FRL said,"...this disclosure is being made out of abundant caution to avoid any speculation given Amazon's media strategy of having every development reported and converted into a line of communication with stock exchanges."
Right marketing and product strategy have helped Falguni Nayar build a beauty retail business.
Even as the semiconductor shortage has limited the demand for new cars, the pre-owned car segment is seeing a surge. A preference for personal mobility, availability of multiple organised online platforms, including e-commerce channels, aggregators, and classifieds, have been fuelling growth. The growth rate of the pre-owned car market is expected to be 1.5x that of the new car market over the next five years.
The company's search for a partner in India seems to be grounded once again
Nearly a decade ago, the first fully electric vehicle (EV) caught fire on the road in the US. It was a model from Tesla, the world's most admired EV maker. A metal fragment punctured the underbelly of the vehicle, penetrating its battery pack, leading to a fire. Indian lawmakers and automakers have had nine years to study the incident (in fact, three Tesla Model Ss caught fire in two months in 2013) but seem to have learnt little.
The government has tried to remove as many glitches as possible, says Chidambaram.
The husband's sense of humour will crack you up.
In 50 days, 60% of the work force was let off in retail, agri, textile and other sectors.
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Traders were up in arms, fearing huge job loss if Walmart was to enter.
Amazon has filed a legal challenge at the National Company Law Appellate Tribunal (NCLAT) against the Competition Commission of India's (CCI) suspension of the US e-commerce giant's 2019 deal with Future Retail (FRL). Amazon has challenged the CCI order on at least five grounds, and the matter is likely to be listed this week, according to the sources. Parallelly, Amazon's Indian unit has approached the Supreme Court against a halt on an arbitration case against Future Retail's (FRL) asset sale to Reliance Industries (RIL).
Global retail behemoths seem to have read the signals right.
French giant might apply for multi-brand retailing if UK rival gets nod.
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Seeking to spur foreign investments, Finance Minister P Chidambaram has said the Union Cabinet will decide on raising FDI caps in different sectors in the third week of this month.
The probe is being conducted under various sections of the Foreign Exchange Management Act (FEMA) after the central probe agency recently received a communication from the commerce ministry seeking "necessary action" against e-commerce players like Amazon and Flipkart pertaining to certain multi-brand retail businesses and an observation made by the Delhi High Court in relation to Amazon.
'We do realise it is time to have a larger ambition.'
The firm is likely to spend $600 million in total for the new stores. The average size of its stores is about 55,000 sq ft.
The Indian government has simplified FDI policy inorder to attract global retail chains.
Bentonville-based Walmart has also raised apprehensions about the ongoing probe by investigating agency Enforcement Directorate, said an internal note of the Department of Industrial Policy and Promotion.
The BJP-led government may not permit foreign retailers to open mega stores in the country as such a move may adversely impact small traders and farmers, new Commerce and Industry Minister Nirmala Sitharaman indicated.
The party promised to contain inflation, pursue tax reforms and promote foreign investments.
Chumbak was started with an initial amount of Rs 45 lakh, which its founders raised by selling their house in 2010.
Thailand, Indonesia want unconditional access to India's multi-brand retail space.
FDI inflows into the country have been declining over the past two years despite policy easing in about a dozen sectors.
