India’s Future Group, including Pantaloon Retail India Ltd., plans to wipe out its 78 billion- rupee ($1.6 billion) debt by March 2013, the Economic Times newspaper reported, citing Chairman Kishore Biyani.
Wal-Mart Stores Inc. and Carrefour SA waited seven years for access to India’s $400 billion retail market. They may have to wait almost as long to make a profit in the world’s second most populous nation.
Pantaloon Retail India Ltd. climbed the most in 2 1/2 years in Mumbai trading, leading a surge in shares of Indian retailers, after the nation’s cabinet yesterday approved easing of ownership rules for the industry.
India approved allowing overseas companies to own as much as 51 percent of retailers selling more than one brand, paving the way for global companies such as Wal- Mart Stores Inc. and Tesco Plc to own stores.
Wal-Mart Stores Inc. and Carrefour SA may gain access to the retail market of the world’s second most-populous country after an Indian government panel was said to have recommended easing restrictions on the industry.
India’s main opposition called for an all-party meeting to end parliamentary gridlock over Prime Minister Manmohan Singh’s decision last month to allow Wal-Mart Stores Inc. and other foreign companies to own supermarkets.