Once foreign direct investment is allowed into India’s multi-brand retail sector, international retail chains Walmart, Carrefour and Tesco may face competition from an Asian player – Malaysia’s Parksons.
According to a Parksons spokesperson, the group wanted to set up department stores across Bangalore, Chennai and Delhi. The chain, which sells products ranging from groceries and cosmetics to fashion apparel, plans to invest in India by 2013. So far, only retail chains from the US and Europe have expressed interest in investing in India.
On Saturday, Parksons, with a sales turnover of USD3.25 billion, announced its foray into the Sri Lankan market, adding India was next on its agenda. Without specifying whether it would operate in the multi-brand or the single-brand category, a company spokesperson said, "The retail model will be keeping in sync with the nation’s stipulations".
(Source: Business Standard )