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Wal-Mart sold-out on Indian retail sector
02
Jun '10
Wal-Mart, the world's biggest retailer, with revenues of US $405 billion in 2010 is trying hard to overcome hurdles to establish a presence in the front-end of the lucrative Indian retail sector.

Currently, Wal-Mart has a presence in India in the wholesale segment and back-end supply chain management business and has entered in to a joint venture with the Bharti Group, since current Indian foreign direct investment (FDI) policy does not permit multi-brand FDI in the retail sector.

Wal-Mart is lobbying hard with the US administration in order that, the administration may convince the Indian government to change its current policy relating to FDI in retail, so that it may be able to set up shop in India.

Speaking exclusively to fibre2fashion, Mr Kevin Gardner, Senior Director, International Corporate Affairs at Wal-Mart said, “We are optimistic that the Indian government will move ahead with its policies of economic and social reforms, including allowing FDI investment in front-end retail.”

He added by saying, “Retail can be an engine of growth, not just in urban India but also in Tier II and Tier III towns, offering more job opportunities and helping families to save money so they can live better. FDI in retail can only help accelerate this process.”

Fibre2fashion News Desk

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