Bharti Walmart plans to set up its first cash & carry store in Bangalore. The Indian wing of US based retail major, is reported to be in final talks with Century Real Estate for the purpose.
Bharti Walmart prefers to set up its first cash and carry store in Bangalore. The firm is the Indian wing of American retail major has entered into final talks with Bangalore based Century Real Estate Holdings. Continue reading
Walmart as well as US government seem concerned over States’ veto power the states have over the Foreign Direct Investment. They have conveyed their concerns, to the union government of India.
Walmart remain cautious to enter Indian Market as the states are given Veto Power.
Wal-Mart Stores, Inc.; generally branded as Walmart, an American multinational retail corporation, as well as the US government has revealed their concern over the veto power conferred to the states by the Union Government of India. Union Government’s decision to confer absolute power to the states; to decide on the matters related to the foreign retailers’ entry into their states, is seen as a barricade for the foreign investors.
Being concerned over the veto power of the States, many of the foreign retailers like Walmart, still not interested in the Indian Market. They, the world’s largest supermarket chain, still remain reluctant to enter the Indian Market. Continue reading
NEW DELHI: Multinational retailers namely Walmart , Carrefour and Tesco may soon be allowed to open stores in India subject to inflexible investment norms, sourcing conditions, and cap on number of outlets in large cities. The Department of Industrial Policy and Promotion, or Dipp, is likely to move a proposal seeking cabinet’s consent for 51 percent FDI in multi-brand retail subject to an investment of at least USD 100 mn.
A draft structure has been prepared keeping sufficient safeguards to protect small shopkeepers, and to ensure that FDI actually helps in development of back-end infrastructure. The department has circulated a draft structure to a committee of secretaries, which will fine-tune it before a final cabinet note is moved. Multinational retailers will have to file a statement of account with the RBI and Foreign Investment Promotion Board showing the investment in back-end functions.
Proposals address states’ concerns “The government is very clear that FDI in multi-brand retail should create an employment on big scale and bring quality investment into the country resulting to development of back-end infrastructure,” the official said. For easier monitoring, the government will also allow back-end infrastructure to be executed through a dedicated unit. Multi-brand retail stores would be required to source at least 30 percent of their products, including food items, from small and medium enterprises, according to the draft structure.