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Wal-Mart studying India's investment conditions

Source : REUTERS
Last Updated: Thu, Jan 24, 2013 14:20 hrs
A customer shops at a Best Price Modern Wholesale store in Zirakpur

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

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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