The government in India is planning to release clarifications to the regulations relating to the foreign direct investment in multi-brand retail.
Department of Industrial Policy and Planning officials have said that they have received a number of quarries from various global retail players for clarifications on various matters including sourcing arrangements. Foreign retailers will be permitted to include only processed food items form small enterprises under the mandatory sourcing regulations.
Tata Sons Ltd on Friday confirmed that its decision to cancel its offer for sale (OFS) of shares in its subsidiary Tata Teleservices (Maharashtra) Ltd.
The OFS was announced on Wednesday, when Tata Sons said that it would sell a total of 51,623,679 shares, or 2.72 per cent of the equity capital of the Tata Teleservices (Maharashtra) Ltd, on May 17.
But, the company yesterday confirmed that it had cancelled the sale. In a filing to the Bombay Stock Exchange (BSE), the company said, "Tata Sons Limited has now informed BSE that they have decided to cancel the sale in full."
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