Published on Mon, Feb 19, 2007 at 08:54 | Source : Moneycontrol.com
Updated at Mon, Feb 19, 2007 at 17:40
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Bharti readies retail blueprint; Left sees red
A big announcement is expected from Bharti today just ahead of WalMart Vice Chairman and CEO Michael Dukes' visit to India. Bharti Retail is expected to announce its roadmap, reports CNBC-TV18.
A big announcement is expected from Bharti today just ahead of WalMart Vice Chairman and CEO Michael Dukes' visit to India. Bharti Retail is expected to announce its roadmap, reports CNBC-TV18.
CNBC-TV18 learns the company will be looking at USD 1.5-2 billion investments in Bharti Retail over the next five years.
It will also be looking at revenues of Rs 10,000 crore over the same period as well. The venture will be spread over 4 million sq feet of built-up space in about 60 cities. The first store is expected to come up by the end of the year.
However, the CPI(M) may put a dampener on Bharti, and for that matter, Corporate India's retail plans. CPI(M) General Secretary Prakash Karat says that this could result to displacement of smaller shop keepers.
"Not just FDI we are also concerned about corporate entry into retail trade. It's the same thing - it will have the same effect of displacement for the petty shop keepers. Strict regulations are called for, for organised entry in retail trade," says Karat.
CNBC-TV18 learns the company will be looking at USD 1.5-2 billion investments in Bharti Retail over the next five years.
