India at Davos: Wal-Mart wants more clarity on FDI in multi-brand retail

Updated: Jan 25 2014, 10:34am hrs
Calling India a long-term growth market, US-based retail giant

Wal-mart said it is currently focussing on expanding its wholesale retail business in the country and awaits further clarity on rules for entering the multi-brand retail business. "We are excited about India and we continue to be so. We see the potential of the country and we have a long-term view. At the moment, we are focussed on cash- and-carry business under our Best Price brand," Wal-mart president and CEO Doug McMillon said here. "We will continue to serve the shopkeepers, kiranas and farmers using that format and grow that business in India," he said.

Renault-Nissan eyes 10% of passenger vehicles market

Describing India as a "sophisticated country", Renault-Nissan Alliance chief Carlos Ghosn has said the auto major aims to have 10% share of the Indian passenger vehicles market. The company is also planning to launch a slew of new models from its stable. Ghosn, who is Renault-Nissan Alliance's Chairman and CEO, said 2013 was disappointing for the industry in India but 2014 should see slow recovery. "We will obviously move up in terms of market share because we are moving from a very low level. We are today practically insignificant in the Indian market. But our target is a 10% share of the Indian market," he said. "In 2014, you are going to see a lot of new products coming from Renault & Nissan," Ghosn added.

UK proud Indian company is driving JLR success: Cameron

Pitching Britain as an attractive destination for investors, PM David Cameron said he was proud that Indian investments were driving the success story of Jaguar Land rover. "I am proud that it is an Indian investment that is driving the JLR success story. I am proud of Chinese investments in our country. Britain today is open for investments from across the world," Cameron said. UK-based auto maker Jaguar Land Rover is owned by Indian business conglomerate Tata group, which acquired it from Ford in 2008. While initially there was opposition to Tatas acquiring these marquee British brands, the company has since then scripted a turnaround.