Kishore Biyani News
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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.
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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.
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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.
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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.
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India’s Future Group plans to add 9 million square feet of retail space in the next four years, Kishore Biyani, group chief executive officer, said in Mumbai.
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India has a Wal-Mart problem. This may not sound remarkable, considering that China and the U.S. do as well.
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India has a Wal-Mart problem. This may not sound remarkable, considering that China and the U.S. do as well.
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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.
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A panel of Indian bureaucrats recommended allowing foreign companies to own up to 51 percent in multi-brand retail stores, according to a finance ministry official with direct knowledge of the matter.
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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.
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