US: Wal-Mart revs up for India venture
Wal-Mart Stores has kept tight-lipped over its Indian plans but predicted that the country's retail sales through store chains would surge over the coming years.
Wal-Mart said that its share of Indian retail sales would reach 35% by 2015, up from 2% at present, according to Bloomberg, and forecasted retail sales of $500bn by this time.
The US retailer signed a memorandum of understanding in India with the country's Bharti Enterprises business group on 27 November, and is expected to tie up a final agreement within the next month.
Wal-Mart spokesperson Amy Wyatt told just-food that the company does not yet have details to share regarding its plans in India.
She said: "We recently signed a memorandum of understanding with Bharti Enterprises to jointly explore opportunities in the retail sector, within the law and existing guidelines. It is still early days as we have only just begun our discussions with Bharti."
Companies: Wal-Mart Stores
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