This news comes a week after the Indian government decided to open up the retail sector to global economy, in a bid to revive the sluggish economy.
The government’s decision resulted in a series of protests among Indian citizens, as they fear the plan would harm small businesses in India.
Under the government’s proposal, global firms – such as Walmart and Tesco – will be able to buy up to a 51% stake in multi-brand retailers in India.
Multinational retailers already have outlets in India, but at present they can sell only to smaller retailers. This decision allows them to sell directly to Indian consumers.