Studying India's conditions on FDI: Walmart
Walmart International CEO Doug McMillon met Commerce and Industry Anand Sharma in Davos on Thursday.
Davos: US-based global retail giant Walmart on Thursday said it is studying the conditions related to India's allowing foreign direct investment in multi-brand retail before making the final announcement on its entry plans. Walmart International CEO Doug McMillon met Commerce and Industry Anand Sharma on the sidelines of the annual World Economic Forum meeting being held in Davos.
McMillon "conveyed that Walmart is excited about India and they are studying the conditions before making the final announcement", said a statement issued by the Commerce and Industry Ministry. It said that Sharma has asked them to send request for clarification, if any, in the written form to the ministry.
The minister assured them to provide all necessary clarity on the policy. "India's policy on FDI in multi brand retail has finality and they need not be unduly concerned about any policy reversal," it said, quoting Sharma.
Walmart is already present in India in the cash and carry, or wholesale, segment through a 50:50 joint venture with Bharti Enterprises.
Meanwhile, according to sources, the Indian government on Thursday decided that a retired Supreme Court judge or a Chief Justice of High Court will probe reported allegations that retail giant Walmart had indulged in lobbying activities in India, violating laws, to gains access to its market. The decision was taken by the Union Cabinet headed by Prime Minister Manmohan Singh.
The move comes over a month after the proceedings of Parliament during the Winter session were paralysed over the issue.