Wal-Mart keen on rapid roll out in India: Sharma
10 Nov 2009
After opening its first cash and carry store in Amritsar in May this year, the world's largest retailer Wal-Mart Stores Inc plans to open another 40 stores in India in the near future.
Wal-Mart has a cash-and-carry joint venture with Bharti Group and runs the 'Best Price Modern' stores.
Speaking to reporters during the India Economic Summit in New Delhi, commerce minister Anand Sharma said that Wal-Mart was satisfied with its performnce in India.
He said that the Wal-Mart CEO had told him of the retail giant's plans to open 40 more stores across the country in the immediate future.
Wal-Mart chief S Robson Walton met Prime Minister Manmohan Singh and Sharma last week over easing of restrictions for FDI investment in the retail sector from the 51 per cent FDI in single brand retailing, and barring foreign retailers from investing in multi-brand format.
Sunil Mittal, chairman, Bharti Group, says that it would take a "measured approach" to execute its expansion strategy raather than opting for a fast route to its expansion of stores.
He disclosed hat more cash-and-carrys outlets are being planned.
