The proposal on FDI in multi-brand retail may have been put on hold, but it seems global retail giant Walmart remains optimistic.
The commerce ministry today said that Walmart president Douglas McMillon met commerce minister Anand Sharma at Davos where he told the minister that the company is willing to comply with the conditions related to the proposal that includes 50% mandatory investment in back-end infrastructure and a minimum investment limit of USD 100 million.
The ministry in a press release also said that Frans Muller, CEO of retail chain Metro AG of Germany met Sharma and told him about plans to double their investment in the cash-and-carry segment in the country.
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