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New Delhi, India -- India’s government said Thursday that it has OK’d plans to permit foreign retailers to open stores that sell more than one brand, paving the way for retailers such as Wal-Mart Stores and Carrefour SA to expand their presence in the country.
The approved plan calls for overseas companies to put half of their investment in infrastructure such as processing, manufacturing, storage, warehouses and packaging.
The announcement follows the government’s December 2011 decision to reverse a ruling that allowed overseas companies to own 51% of Indian retail stores. Wal-Mart called the latest decision an important first step for India to further liberalize the retail industry.
Foreign companies are currently allowed to invest in supply chains and wholesale stores, which sell to local retailers and businesses.