Bharti Walmart not to wait for all states to allow retail FDI
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Bharti Walmart not to wait for all states to allow retail FDI

Last Updated: Wednesday, September 26, 2012, 17:58
 
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Bharti Walmart not to wait for all states to allow retail FDI
Hyderabad: Bharti Walmart will not wait till all states in India allow FDI in multi-brand retail to roll out its plans and may start opening its outlets from states like Maharashtra and Andhra Pradesh, a top official of the retail giant said here on Wednesday.

Bharti Walmart Managing Director and CEO Raj Jain said the company will be able to come out with specific plans with regard to retail business only after 45 days as it is currently studying the government notification.

The company is a 50:50 joint venture between Bharti Group and US-based Walmart for wholesale cash and carry.

"I think there are enough states and big states like Maharashtra and Andhra Pradesh which have expressed their willingness to allow FDI.

"I think those states are big enough to start our plans (for retail)," Jain told a press conference.

Recently, the government had allowed 51 percent FDI in multi-brand retail but left it to the states to permit opening of foreign funded stores.

Such stores would be allowed to be opened only in cities with a population of over one million.

A foreign retailer would need to invest a minimum of USD 100 million, of which 50 percent must be on back-end infrastructure within a period of three years of the commencement of the overall investment.

"It is only nine days since the FDA is opened in eight states. It is too early for us to share any clarity or details on our retail plans. We are studying the policy. It will take 45 days to come out with plans, Jain said in reply to a question.


PTI



First Published: Wednesday, September 26, 2012, 17:58


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