New Delhi: World’s largest retailer WalMart is going to focus on the wholesale retail sector by setting up 50 new cash and carry stores in India in the next four to five years.
WalMart, which was one of the leading advocates for opening up of multi-brand retail to foreign direct investment in the country has stayed away from investing in the multi-brand retail stores.
The BJP and other opposition parties including AAP have been opposed to FDI in retail and have reversed the decision in some states where they have come in power.
“WalMart is committed to India and we are excited about our growth plans. We will continue to focus on the cash and carry format as we are very happy with the way it has shaped up in the last few years. The format is also poised to grow in India and we would like to serve the growing customer base by opening 50 new cash and carry stores over the next four-five years and extend the e-commerce platform to our cash and carry members with a virtual shopping opportunity,” said Scott Price, president and CEO, WalMart Asia.
WalMart, which had investigated violations of the US Foreign Corrupt Practices Act in its Indian arm, is ensuring they are not repeated.
“Along with our growth, we are taking a number of important steps to strengthen compliance so that we do the right thing everyday. We are evaluating and reinforcing procedures and programs relating to all compliance areas, including licensing and permits, food safety, and responsible sourcing among others,” added Mr Price.
Last year Walmart and Sunil Bharti Mittal led Bharti Enterprises had ended their six year old partnership.
Walmart had acquired Bharti’s stake in Bharti Walmart Private Limited, a joint venture between Bharti and Walmart.
Currently, Walmart India owns and operates 20 Best Price Modern Wholesale stores in 8 States across India. The first store opened in Amritsar in May 2009.
