News: Germany's Metro to invest 300 m euros in India
(UNI 21/07/2006) Bangalore - Germany-based retail giant Metro will invest 300 million euros in India in the coming years to open more stores, Federal Republic of Germany ambassador to India Bernd Muetzelburg said today.
Talking to newspersons during his visit to one of the Metro Cash and Carry India stores in the city, he said Metro Cash and Carry India's investment might be six times more in a couple of years.
Metro had already invested 50 million euros in India. It's headcount was also likely to be increased to 10,000 from the present 750.
It also proposed to open 11 more metro stores in various states in India.
Accusing the state governments of delaying grant of necessary licences needed for the business, he said though Prime Minister Manmohan Singh and Union Finance Minister P Chidambaram had assured all facilities, including grant of necessary licence, to carry on the business, the state governments were refusing to give licences or adopting delay tactics.
For instance, the Karnataka Government was yet to amend its Agricultural Produce Marketing Committee (APMC) Act to enable Metro sell agricultural produces, he pointed out, adding that the move would not only help consumers get good commodities, but also provide true value to farmers for their produces, put an end to exploitation by middlemen and arrest farmers suicides due to financial burden.
Muetzelburg said though initially Metro faced similar problems in Gujarat, Chattisgarh and other states, now it had been solved with the respective governments giving necessary licence.
To a question, Muelzelburg said the purpose of his visit was to learn more about India since his tenure was limited to four months. ''This is for the first time I am visiting India. I wanted to have first hand knowledge about German commitments made. I will be visiting major cities where German companies are functioning.
posted by InCar Group Press Room at 11:01
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