‘Walmart need not lose sleep over policy U-turn’
ENS Economic Bureau: New Delhi, Jan 25 2013, 00:55 IST
Even as the Cabinet decided to set up a committee to probe the allegations of Walmart indulging in lobbying activities to gain access to Indian market, the US retail giant on Thursday said it is “excited about India” and is studying the conditions of investment in the multi-brand retail sector before making the final announcement.
Doug McMillon, CEO Walmart International met commerce and industry Anand Sharma on the sidelines of the annual World Economic Forum meeting being held in Davos.
“India’s policy on FDI in multi-brand retail has finality and they (Walmart) need not be unduly concerned about any policy reversal,” Sharma told McMillon, according to a statement issued by the commerce and industry ministry.
The minister also asked McMillon to send request for clarification to the ministry and assured that all necessary clarity will be provided. Walmart is already present in India in the cash and carry, or wholesale, segment through a 50:50 joint venture with Bharti Enterprises.
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