Wal Mart to open 100 plus stores, if GoI permits FDI
Wal Mart, the world’s largest retailer, which enterd India in 2007 through
July 23, 2010 | comments ( 1 ) |
Wal Mart, the world’s largest retailer, which enterd India in 2007 through a joint venture with Bharti Enterprises and started cash-and-carry stores named ‘Best Price Modern Wholesale,' is ready to open 100s stores in India if the government gives a clearance to FDI in this sector, said Raj Jain, President Wal Mart India, on the sidelines of the inauguration of the Bharti Wal Mart new training centre.
Bharti Enterprise and Wal Mart along with the Delhi Government launched its second Bharti Walmart Training Centre in New Delhi. Inaugurated by Sheila Dikshit, Chief Minister of Delhi, the training centre aims to bridge the shortage of skilled workers for organised retail and cash-and-carry stores.
Right now Indian government permits 51 per cent foreign investment in single-brand retail and 100 per cent in wholesale ventures but did not permit any foreign investment in multi brand retail. “It is essential that FDI in retail opens up, because then we can open our own stores and carry the product in hygienic, safe conditions not only at the farm-gate but also right up to where the consumer buys from us,” he said.
Talking on the governments regulation of investing in the backend, Jain said, “Any serious retailer would understand the importance of investing in the backend and he would not hesitate to do the same. So, if government wants it, that’s good.
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