Tesco was the first global retailer to apply for multi- brand retailing in India.
International biggies might see a renewed interest in the country after Tesco's move to enter India.
The United Progressive Alliance government had opened the multi-brand retail sector for foreign investment and allowed up to 51 per cent foreign direct investment in the sector.
Tesco proposal entailing investment of $110 million has been cleared, sources said after the FIPB meeting held in New Delhi.
Towards the close of 2013, the finance ministry approved the proposal of UK-based Tesco to invest $110 million in opening up of multi-brand retail stores in the country in partnership with Tata Group firm Trent.
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.
In a major policy reversal, the AAP government wrote to the Centre to withdraw approval given by previous Congress government for FDI in multi-brand retailing in Delhi, saying the entry of global chains such as Walmart and Tesco in India would result in large-scale job losses.
Jaitley evaded vital questions on this issue.
A letter reversing the decision was sent by Rajasthan Chief Minister Vasundhara Raje to Commerce and Industry Minister Anand Sharma.
In a major policy reversal, the AAP government wrote to the Centre to withdraw the approval given by the previous Sheila Dikshit government for FDI in multi-brand retailing in Delhi, saying the entry of global chains such as Walmart and Tesco in India would result in large-scale job losses.
Noel, Ratan Tata's half-brother and Mistry's brother-in-law, was a contender for the top position when Mistry was chosen as chairman in 2011.
UK-based retail major Tesco Plc on Tuesday filed the first application for setting up multi-brand retail outlets in India.
French giant might apply for multi-brand retailing if UK rival gets nod.
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.
No one's quite sure on the retail FDI issue in this regard, after the new Rajasthan and Delhi governments cancelled the approvals given by their predecessors
The company is not holding plans for clarity on policy.
The move is likely to hit Bharti-Walmart, the 50:50 joint venture between the US' Walmart and Sunil Mittal-led Bharti Group that operates cash-and-carry outlets in India, the most.
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