At a time when the overall narrative is around India being an attractive investment destination, the two American multinationals are more specific in projecting India as their centrepiece.
The appointment will be effective January 20, 2014, the company said in a statement.
Sources say the US retail giant's chief reluctant to meet again after Nov 1 meeting was cancelled
Although Walmart-Flipkart wholesale game-plan is to target about a $150 billion market out of a total pie of $700 billion in the country, the consolidation marks the end of the multi-brand dream of the American retail giant.
For now Walmart has said it remains optimistic about India. But that could change without prior notice, says Nivedita Mookerji.
In a move that is being seen as a snub to Walmart, Commerce and Industry Minister Anand Sharma on Thursday cancelled a meeting with US retail giant's Asia head Scott Price.
Deciding to focus on the cash-and-carry segment in India, retail giant Wal-Mart plans to open 50 wholesale stores in the next four to five years to expand its footprint in the country.
Ramnik Narsey, the new chief, had joined the retail giant in May 2013.
While the world's largest retail chain is calling it a promotion, experts said the group may be looking at a new growth strategy for Asia.
Scott Price is learnt to have conveyed to Sharma that Walmart remained committed to the India market.
Walmart had entered into a joint venture with Bharti Enterprises.
US retail chain Walmart is awaiting a decision by its board decision on its India strategy, including its partnership with the Bharti group.
The one-year extension would give Walmart and its Indian joint venture partner in the cash and carry business, Bharti Group, more time to sort things out and decide on a retail foray together, people in the know said.
Decision-making is stretched because of differences in views between ministries.
E-commerce pilot for wholesale begins from July in Hyderbad and Lucknow
The previous United Progressive Alliance government had permitted up to 51 per cent foreign direct investment in multi-brand retail but the current National Democratic Alliance government is opposed to it.
The latest cash-and-carry or wholesale outlet, for selling products from grocery to apparel and consumer electronics to businesses, offices and organisations, is coming up in Agra by the middle of 2015, it is learnt.
After ending its wholesale partnership with Walmart, Bharti Retail has decided to merge with the Future group
Walmart is waiting to understand as to how much multibrand retail might or might not move forward.
The target of $500 billion in bilateral trade by 2020 is doable, feels Anand Sharma.
Since allowing FDI in multi-brand retail has been left to the states, Indian companies may not benefit as foreign investors are wary of the politics.
Global retail behemoths seem to have read the signals right.
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