Thursday 27 September 2012

News Hour: Bharti Walmart not to wait for all states to allow retail FDI

Bharti Walmart MD & CEO Raj Jain said the company will be able to come out with specific plans with regard to retail business only after 45 days.
HYDERABAD: Bharti Walmart will not wait till all states in India allow FDI in multi-brand retail to roll out its plans and may start opening its outlets from states like Maharashtra and Andhra Pradesh, a top official of the retail giant said here today. 

Bharti Walmart Managing Director and CEO Raj Jainsaid the company will be able to come out with specific plans with regard to retail business only after 45 days as it is currently studying the government notification. 

The company is a 50:50 joint venture between Bharti Group and US-based Walmart for wholesale cash and carry. 

"I think there are enough states and big states like Maharashtra and Andhra Pradesh which have expressed their willingness to allow FDI. 

"I think those states are big enough to start our plans (for retail)," Jain told a press conference. 

Recently, the government had allowed 51 per cent FDI in multi-brand retail but left it to the states to permit opening of foreign funded stores. 

Such stores would be allowed to be opened only in cities with a population of over one million. 

A foreign retailer would need to invest a minimum of USD 100 million, of which 50 per cent must be on back-end infrastructure within a period of three years of the commencement of the overall investment. 

"It is only nine days since the FDA is opened in eight states. It is too early for us to share any clarity or details on our retail plans. We are studying the policy. It will take 45 days to come out with plans, Jain said in reply to a question.

(Source: economictimes.indiatimes.com)

2 comments:

  1. Hi,
    Every patriotic Indian who can understand simple English must read this.
    Punch into google search-
    MODERN ECONOMICS, AN EMPIRICAL VULGAR PSEUDO SCIENCE- CAPT AJIT VADAKAYIL
    Adam Smith the supreme god of economists , was a THIEF who lifted French economist and banker, Richard Cantillon’s work.
    Adam Smith , the holy cow, was a CRIMINAL AND MURDERER who killed 120 lakhs ( 10.2 million ) Bengalis in 1769. See some gruesome pictures of the sunk holocaust.
    Adam Smith , the crypto agent, was an employed by British East India Company as the one man think tank-- BEIC financiers are now back to India for FDI in multibrand retail.
    History always repeats itself—this is why we learn history.
    On the Dec 20, 2004 letter, the FAM’s foreign trade committee chairman Chandrakant T. Shanghvi said that Manmohan Singh had categorically told a delegation of the traders’ body that “we should not permit FDI in retail trade… India does not require the kind of reforms which would, rather than creating employment, destroy employment”.
    So now it is the Italian Queen Beee who wants it, right ?
    DORKS and angrez ka aulads in Indian internet disguise —keep away.
    Capt ajit vadakayil
    ..

    ReplyDelete
  2. Thanks for the information but here i would like to update you guys that there other lots of opening available in Bharti Walmart Jobs at various other locations like Bangalore, Chandigarh, Jamshedpur, Noida, & Kolkata.
    And Openings for
    Area Head - Direct Sales - Bharti AXA Life Insurance Co ltd
    Sales Trainer - Direct Channel - Bharti AXA Life Insurance Andheri
    Urgent Req Relationship Executive - Direct Sales Bharti AXA Life Insu
    Urgent Req - ASM - Direct Sales - Bharti AXA Life Insurance Banglore
    Urgent Req - Sales Trainer - Agency Bharti AXA Life Insu Warangal
    And so on...
    You can directly apply to the above jobs http://www.wisdomjobs.com/jobsearch/bharti-walmart-jobs
    or can see more @ wisdomjobs

    ReplyDelete