Business Other News 17 Aug 2016 Walmart keen to ente ...

Walmart keen to enter India's food processing sector: Official

PTI
Published Aug 17, 2016, 8:21 pm IST
Updated Aug 17, 2016, 8:21 pm IST
Global retail major has shown interest after the government relaxed foreign investment norms.
The US-based Walmart is present in the cash-and-carry retail format in the country.
 The US-based Walmart is present in the cash-and-carry retail format in the country.

New Delhi: Global retail major Walmart has shown interest in entering India's food processing sector after the government relaxed foreign investment norms, a top official said today.

"Walmart is showing lot of interest. Now we are hoping that they will come on their own and they will add to the growth story of this country," Food Processing Secretary A K Srivastava said while briefing reporters about the investments in the sector in the last two years.

 

He also said that a leading Brazilian poultry company has expressed keen interest in joining hands with Kishore Biyani's Future Group to sell their products in the country. "A Brazilian company claiming to be world's leading exporter in poultry sector met us yesterday.

They want to tie up with Biyani's Future Group to use their retail outlets," he added. However, when contacted, a Future Group spokesperson said there is no such development.

To give a boost and attract foreign investments in the sector, the government recently permitted 100 per cent FDI in retailing of processed food produced and manufactured in India. The US-based Walmart is present in the cash-and-carry retail format in the country.

 

...




ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT