Malik didn't answer two calls made to his mobile phone.Local traders are opposed to foreign retailers setting up stores India, saying the move will endanger their livelihood. The current foreign direct investment policy permits overseas companies to own a stake of up to 51 percent in an Indian company for multi-brand retail even though the policy has never been implemented.The food processing ministry has been pushing to partially ease rules for retailers that would allow them to sell soaps, shampoos and toothpastes along with food products. Food is one of the largest segments in India's retail sector, valued about $600 billion. India attracted $935.74 million FDI in retail trading from April 2000 to December 2016.Some of the foreign retailers have either closed down or curtailed operations due to policy uncertainty. Groupe Auchan SA, another French supermarket operator, in August ended its franchise agreement with billionaire Micky Jagtiani's Landmark Group.

Source: Economic Times July 14, 2017 11:44 UTC