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Post-budget, Bharti Wal-Mart hopeful of FDI in retail

Post-budget, Bharti Wal-Mart hopeful of FDI in retail
PTI
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First Published: Sun, Feb 28 2010. 01 46 PM IST
Updated: Sun, Feb 28 2010. 01 46 PM IST
New Delhi: Bharti Wal-mart, an Indian joint venture of the world’s largest retailer Wal-Mart, has said it is optimistic of India allowing Foreign Direct Investment in the retail sector, given the “progressive” nature of the current government.
“We are optimistic that India’s progressive government will move ahead with its policies of economic and social reforms, including allowing FDI investment in front-end retail,” Bharti Wal-mart MD and CEO Raj Jain said.
The US retail giant Wal-Mart, which has been waiting for a long period for change in regulatory framework to enter India’s front-end retail market, currently has a B2B (business-to-business) joint venture with Sunil Mittal-led Bharti group for wholesale cash-and-carry and back-end supply chain management operations.
India currently allows 51% FDI in single-brand retail, but none in multi-brand.
In a statement, Jain attributed his optimism to finance minister Pranab Mukherjee’s budget speech, saying it “underscores the need to reduce the significant wastages in storage and well as in the operations of the existing food supply chains in the country.”
“This would greatly contribute to India’s growth story by creating employment, strengthening supply chain efficiencies, enhancing earnings of farmers and helping families to save money so they can live better,” Jain noted.
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First Published: Sun, Feb 28 2010. 01 46 PM IST
More Topics: Walmart | Bharti | Sunil Mittal | Retail | FDI |