INDIA: Wal-Mart “to open 40 new outlets” - report
Wal-Mart has indicated that it plans to ramp up its investment in India with the opening of 40 new outlets, India's Commerce and Industry Minister has reportedly said.
According to local reports, Anand Sharma, India's commerce and industry chief, said Wal-Mart was "very satisfied" with the results in India.
Following a meeting with Wal-Mart chairman S Robson Walton, Sharma said: "I was informed by the Wal-Mart ... that they are looking at opening more stores. He gave a figure of 40 more stores across the country in the immediate future".
Walton met with Sharma and Indian Prime Minister Manmohan Singh last week to discuss the issue of foreign direct investment in the retail sector in India. India has refused to open the market to multi-brand retailers.
Walmart operates cash & carry stores through its joint venture with the Bharti Group.
With India's huge population, economic expansion and rapidly developing middle-class, the Indian retail sector has long been viewed as a highly desirable prize for international retailers....
US retail giant Wal-Mart is reportedly considering expanding organically in Russia by building its own stores rather than relying on the acquisition of a local player....
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