The Committee of Secretaries on Friday recommended allowing 51 per cent
FDI in the multi-brand retail, with a rider that the foreign investment should be at least $100 million.
"The Committee of Secretaries (
CoS ), which met under the Cabinet Secretary Ajit Kumar Seth, also decided that the overseas mega retail chains will have to pump in at least half of their investment in the back-end supply chain," a source said.
The politically sensitive issue will soon be taken to the Cabinet, the source added.
Several global retailers like Wal-Mart are waiting in the wings for a full-scale entry into India's multi-brand retail segment. India's retail sector estimated at about $590 billion, according to an Icrier report, is dominated by mom & pop stores.
India has already allowed foreign direct investment (FDI) of up to 51 per cent in the single brand retail and 100 per cent in cash and carry format of the business.
"This probably the last meeting of CoS on the issue," the official added.
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