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.