An official said next week, the Department of Industrial Policy and Promotion was likely to issue clarifications sought by the sector on the government's multi-brand retail policy.
US-based Walmart Stores Inc on Wednesday said it is tightening anti-corruption practices in India, amidst reports of US lawmakers asking the retail giant to review its operations in the country along with those in four other nations.
"We are interested in states like West Bengal, but the government does not seem enthusiastic about this.Currently, we are looking at states which are more proactive and have invited us in setting up this venture," said Rajan Bharti Mittal, vice chairman and managing director of Bharti Enterprises.
Bharti Walmart Pvt Ltd will invest over $40 million (around Rs 180 crore) in India by March next year to set up to six new 'Best Price Modern Wholesale' stores to expand presence in the country.
The firm is likely to spend $600 million in total for the new stores. The average size of its stores is about 55,000 sq ft.
So what's up? Why are so many promoters heading for the door? It cannot be that all of them lost their appetite for a good fight at the same time.And if Naresh Goyal of Jet Airways and Subhash Chandra of Zee Entertainment do bow out, will it be seen as chickening out when the going got tough or the entrepreneurial instinct of surviving to fight another battle waned, wonders Shailesh Dobhal.
A leading Brazilian poultry company has also expressed keen interest in joining hands with Kishore Biyani's Future Group to sell their products in the country
In India, Walmart provides service to over 6,00,000 business members and small mom and pop stores.
The two companies have been negotiating to remain separate entities after a merger.
Four new retailers from US, two from Germany may have shown interest in setting up shop in India.
The government will take necessary action on lobbying by Walmart to enter India if US authorities come out with "something tangible" on this matter, but a probe here could not substantiate allegations against the global retail giant, Corporate Affairs Minister Sachin Pilot says.
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