Wal-Mart to engage with new govt, focus on wholesale biz
New Delhi: Wal-Mart India said it will "engage and work" with the new government and continue to focus on the cash and carry business in the country in the backdrop of Narendra Modi led BJP getting mandate to come to power at the Centre.
BJP in its manifesto had said that it will keep FDI out of the key sector of multi-brand retail.
"Barring the multi-brand retail sector, FDI will be allowed in sectors wherever needed for job and asset creation, infrastructure and acquisition of niche technology and specialised expertise," the BJP manifesto said.
US retail giant Wal-Mart operates 20 wholesale stores under the brand 'Best Price' in India.
"As India elects a new and stable government at the Centre, we'll continue to remain engaged, committed and work together with the government and other stakeholders and continue adding value to the economic growth in the country," Wal-Mart India CEO Krish Iyer said.
"We're committed to India and are pleased with our established and successful cash and carry business and anticipate substantially growing that business," he added.
In April, Wal-Mart announced it plans to open 50 wholesale stores in the next four to five years to expand its footprint in the country.
This was the first major announcement by the US retailer after it called off a six-year partnership with Bharti Enterprises in October last year and decided to operate stores independently in India.
The company said it has created a large number of direct jobs and many more indirect jobs, as over 95 per cent of the products sold at our stores are sourced from domestic suppliers in India.
Wal-Mart said through the wholesale business in India, the company serves kirana stores, small and medium enterprises, and numerous small retail shops.
"We also plan to extend B2B e-commerce platform to our members, providing them with a convenient online shopping opportunity," Iyer said.