Woolworths eyes Indian market
THE Indian government is opening the country’s $US500 billion ($A513 billion) retail sector to foreign competition and Woolworths is expected to be among those looking to sell directly to the country’s billion-plus population.
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The long-awaited decision will allow foreign retailers who sell multiple brands to own as much as 51 per cent of their Indian operations as long as they invest at least $US100 million in the venture.
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Single-brand companies such as Apple and Nike will now be allowed to own 100 per cent of their operations, up from 51 per cent.
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”Woolworths welcomes the Indian government’s decision, which will open up opportunities for both international retailers and local retailers and suppliers,” a company spokeswoman said. Sydney Morning Herald – Read more…
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