Walmart's India plan in last lap; CEO meets DIPP Secy

Walmart's plans to enter India seem to be in the last lap, reports CNBC-TV18’s Rituparna Bhuyan.

Asia-CEO of Walmart, Scott Price met Department of Industrial Policy and Promotion (DIPP) Secretary Saurabh Chandra today. According to various government sources, Walmart has told the government that it is finalising its proposal to invest in India and it will be a big amount. However, it wanted some clarification on a few aspects of the foreign direct investment (FDI) policy on multi-brand retail including the 30 percent sourcing norm. Also read: Mudgal panel indicts Wal-Mart for flouting FDI norms
Government had notified revised multi-brand retail FDI guidelines on August 22. So, they must have seen those guidelines and have wanted some kind of clarification on a few aspects.
The second important event expected next week is a discussion on Foreign Exchange Management Act (FEMA) rules on retail FDI which is likely to take place in Rajya Sabha on Monday.
So, Walmart would want to see what kind of outcome that discussion offers and they may apply after the voting on that motion by the left parties takes place in Rajya Sabha.