NEW DELHI — The Indian cabinet Friday approved 51 percent foreign direct investment in multibrand retail although it stipulated that state governments would have a choice in allowing global retailers to set up shop in their states.
India continues to be an important target market for global retailers such as Wal-Mart Stores Inc., Tesco plc and Carrefour that have been testing the waters while pressing for the opening up of the sector. The decision to allow foreign companies to own 51 percent of multibrand retailers was initially made in December but was quickly vetoed by several political parties, forcing the government to defer the issue.
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