Walmart seeks further clarity on FDI rules US-based retail major Walmart’s Asia-CEO Scott Price has met Industry Department officials seeking further clarity on foreign direct investment rules in multi-brand retail, especially those related to domestic sourcing. Price, who had a meeting with Department of Industrial Policy & Promotion Secretary Saurabh Chandra, wanted to understand the implications of the recent changes in the FDI policy on multi-brand retail, including sourcing norms, a DIPP official told. The company also wants the Government to ease sourcing norms further, the official added. Walmart is already in India as part of Bharti-Walmart, a 50:50 cash-and-carry joint venture with Bharti Enterprises, which generates annual revenues worth $500 million. The company, which has 10,900 stores in 27 countries, had expressed keen interest in investing in multi-brand retail sector in India when the country allowed 51 per cent FDI in September last year. It is, however, yet to come up with a formal proposal for the same. “We appreciate the Government’s willingness to consider our requests to provide clarity on the conditions contained in the policy,” a Walmart Spokesperson told.
Posted on: Mon, 23 Sep 2013 05:30:37 +0000
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