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)
Hi,
ReplyDeleteEvery 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
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