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Wal-Mart studying India's investment conditions
January 24, 2013 / 2:17 PM / 5 years ago

Wal-Mart studying India's investment conditions

NEW DELHI (Reuters) - U.S. retailer Wal-Mart Stores Inc (WMT.N) is studying the conditions attached to India’s decision to open its supermarket sector to foreign investors before finalizing a decision to invest, a government statement said on Thursday.

A customer shops at a Best Price Modern Wholesale store, a joint venture of Wal-Mart Stores Inc and Bharti Enterprises, at Zirakpur in the northern Indian state of Punjab December 6, 2012. REUTERS/Ajay Verma/Files

India threw its doors open to foreign supermarket chains last year in the teeth of fierce domestic opposition, but attached strict conditions, including on sourcing, in the policy.

The CEO of Wal-Mart International, Doug McMillon, told Trade Minister Anand Sharma at a meeting in Davos that the firm was “excited about India” but studying the conditions before making an investment announcement, the statement said.

Sharma said the firm should not be “unduly concerned” about the prospect of a policy reversal.

Reporting by Arup Roychoudhury

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