NEW DELHI: Since India Inc has welcomes Centre's decision to permit foreign direct investment (FDI) in retail sector, Reliance Lifestyle said that it will take minimum three years before $450-billion domestic retail sector witnesses considerable flow of foreign funds.
Reliance Lifestyle Chief Executive Bijou Kurien said, “About $100 million will come. But it is not in the next year or two that you see large amount of investments flowing in. My guess is that it will take three to five years before significant investments begin to flow in.” This statement came on the sidelines of the 'India Retail Summit'.
Reliance Lifestyle is a subsidiary of Reliance Retail, a domestic player in the organised retail space.
Last month, Centre have given nod to 51% FDI in multi-brand retail sector. The policy states that the interested foreign chains like WalMart, Tesco or Carrefour are needed to infuse minimum $100 million (nearly Rs 530 crore) and their stores are likely to be set up in cities with population of more than one million.