India Close to Allowing Access for Foreign Retail

May 31 (Bloomberg) -- Bloomberg's Sara Walker reports on foreign investment in India’s retail industry. India will announce new rules for overseas investment in retail by April 2012, paving the way for companies such as Wal-Mart Stores Inc. and Carrefour SA to open stores, Junior Trade Minister Jyotiraditya Scindia said on May 26. Indian law limits foreign retail investment to ownership of wholesale stores or 51 percent holdings in single-brand shops. (Source: Bloomberg)