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India : Raymond Ready To Cash In On Vajpayee Visit |
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2003-7-1 9:15:00
Prime Minister Atal Bihari Vajpayee’s China visit may give a shot in the arm to three Indian proposals that have been pending clearance. State Bank of India (SBI), Raymond Ltd and Tata Consultancy Services (TCS) had already chalked out major designs on the Chinese market. It is understood that these projects were taken up at the political and bureaucratic level with the relevant authorities during the visit.
Raymond has been hoping to obtain a licence to set up its retailing
operations. “The visit will certainly expedite the pending proposals of the three companies,” an industry source said adding that both government and industry delegates visiting China were briefed on these company specific issues.
The visit of Mr Vajpayee has also boosted Raymond’s hopes. Its resident director (China) Arvind Verma told reporters that the company is currently catering to South Eastern countries through Shanghai office, but it is looking forward to start its retail network in China.
“Retailing is not an open sector in China. American and European
companies like Wal-mart and Carrefour have been given licences. But such decisions are political,” he said adding that PM’s visit would help Indian companies to expand in China.
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