Walmart hopes to open first India store within 18 mnths:WSJ
Walmart Stores Inc has said it is capable of opening stores within 12 to 18 months in India, a media report says.
September 21, 2012 / 17:29 IST
Walmart Stores Inc has said it is capable of opening stores within 12 to 18 months in India, a media report says.
"The company is capable of opening stores within 12 to 18 months and would be seeking permission to do so from states that have already indicated their willingness to have the US retailer set up shop" Walmart Stores President and CEO for Asia Scott Price said in an interview to The Wall Street Journal."Two years would be a reasonable time frame in total," he added.Price, however, said the company has not yet decided where or how many stores it would like to have in India. But he said the company expects to continue in retail its current partnership with Bharti Enterprises in a chain of 17 cash and carry stores.Walmart Stores Inc is not in discussions with any other company for a potential retail partnership at present, Price was quoted as saying in the report.Price told WSJ that he was confident that the reform would be permanent and said the company is committed to India's long-term future.Showing resolve for reforms, the government yesterday notified its decision to allow global retail giants like Walmart to open stores in India.With this notification, multinational retailers can invest upto 51 per cent to open stores in 10 states and UTs which, till date, have agreed to implement the decision. Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
