Walmart expected to firm up India plan
31 Aug 2013
Global retail giant Walmart would soon be expected to firm up its India plan in multi-brand retail, PTI reported quoting a top government official.
Walmart Asia chief Scot Price met top officials of the Department of Industrial Policy and Promotions (DIPP) and sought clarity on the recent changes government introduced by the government in multi-brand retail FDI policy.
The official said Walmart's plan was possibly in the last stage and the company had indicated it would come back soon with a firm proposal. The official added that the consideration by Walmart was very serious for India and their plan was possibly in the last stage.
Price offered no comment following an hour-long meeting, which he attended with two of his team members.
The retailer had been seeking a series of clarifications from the government over the conditions for FDI in India's multi-brand segment, and had in July expressed its inability to the government on meeting an earlier sourcing norm that required 30 per cent procurement from small industries. Wal Mart said it could procure only around 20 per cent.
In a later development, which came early this month the government diluted the contentious sourcing clause allowing global multi-brand retailers to source 30 per cent of their products from small and medium enterprises only while starting the business.
Additionally, they had also been allowed to set up stores in cities with less than 10 lakh population.
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