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Sep 14, 2012, 11.36 PM IST
Rajan Mittal, MD, Bharti Enterprises, says that this decision has been well thought through as you know the pause was there and it has been 10 months and I am sure government has done and has build consensus to make this announcement.
Below is the edited transcript of his interview to CNBC-TV18. Q: How soon do you believe that we are going to see FDI funded into retail outlets and any thoughts on branding etc? A: It is too early to say but this is a partnership of choice, it is not a partnership where it has been even in our backend where 100% is allowed 50-50 joint venture. We will talk to our partners as the news comes in. Q: But the earliest that you can possibly see FDI funded stores? A: It is early to make a comment with regards to timing but as the decision has come now both partners will sit and discussion over it. Q: There have been concerns raised in the Parliament over possible FDI violations with regards to your joint venture with Walmart, have you responded to those and the matter is also pending in Delhi High Court? A: We have responded and we are absolutely legally compliant and we have given to authorities whatever questions have been asked. Q: Including the RBI because that was apparently a problem? A; Yes of course, everything has been answered back. Q: What kind of outlay would you envisage as far as these front-end stores are concerned? A: It is early to say what kind of outlay but we believe that India, the traction would be there, it is a big market. For many investors here from retail industry will come here, it's a large market. I believe if you have to do pan India and put 10 million sq ft as we had said when we had made this announcement in 2008, there would be investment which will commensurate doing that but we will come back with the exact figures, stores, give us some time. RELATED LINKS:
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