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.
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.
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.
”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…