The Hindu Business Line : Wal-Mart looking to open 40 more stores: Sharma

Welcome: The Commerce and Industry Minister, Mr Anand Sharma (right), and the CII President, Mr Venu Srinivasan, at the India Economic Summit, in the Capital on Sunday.

Our Bureau

New Delhi, Nov. 8 Wal-Mart Stores Inc, the world’s largest retailer, plans to open 40 more cash and carry stores in the country, the Commerce and Industry Minister, Mr Anand Sharma, said here today.

In India, Wal-Mart has a wholesale joint venture with the Bharti Group. The first wholesale store was opened in Amritsar on May 30 this year.

“I had a meeting with the Wal-Mart Chairman. They are very much satisfied with the results in India. I was informed by Wal-Mart CEO that they are looking at opening more stores. He gave the figure of 40 more across the country in immediate future”, Mr Sharma told reporters at the 25th India Economic Summit here.

He said that this would be a positive development both from the farmers’ perspective and also from the point of view of employment. “We should be looking at more investments from such ventures — farm to the fork”, Mr Sharma said.

The Wal-Mart Chairman, Mr Robson Walton, was in New Delhi last week. He had met the Prime Minister, Dr Manmohan Singh.

Later this month, the Prime Minister is due to make an official visit to the US. The Commerce and Industry Minister indicated that both sides could during the visit sign a memorandum of understanding for strengthening the Intellectual Property Rights (IPRs) regime.

India and the US are also in talks for signing a bilateral investment agreement, Mr Sharma added.

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