Foreign direct investment in multi-brand retail still not allowed, global giant Wal-Mart now plans to have more cash-and-carry wholesale outlets in India by year-end.
The United States-based retailer’s sourcing and
Wal-Mart Stores Inc, the world's largest retailer, sees progress in India opening up foreign direct investment in multi-brand retail, its chief executive officer said on Monday.
"Yes, I see
Wal-Mart Stores Inc, the world's biggest retailer, will accelerate its rollout of wholesale stores in India, a crucial growth market that has long frustrated overseas operators with restrictive rules.
Sam's Club, a division of the US retail giant Wal-Mart, has said it will lay off around 10,000 employees at its warehouse stores in the US.
Wal-Mart Stores, the world's largest retailer, has not sought to invest in retail stores in India, the junior trade minister told parliament on Wednesday.
The government has no plan to further liberalise foreign investment in retail sector the trade minister said on Wednesday.
The world's largest retailer Wal-Mart Stores Inc will open 40 more stores in India in the near future, Commerce and Industry Minister Anand Sharma said.
"Wal-Mart is very satisfied with
Wal-Mart is looking to expand its business in India, Anand Sharma, commerce minister said at the 10th India-EU Summit.
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William D. Green
Chairman & CEO, Accenture