Wal-Mart Stores Inc. Chairman Mr. S Robson Walton met Indian Prime Minister Dr. Manmohan Singh.The world's second largest company "Wal-Mart"has demanded for permission to invest in multi-brand retail in India which is currently not allowed by the Government of India.
Currently, in India foreign investment is allowed only in single-brand retail to the extent of 51%. The meeting between Mr. Walton and the Indian Prime Minister is, therefore, a significant move to the entire foreign retailers who want to enter into the Indian retail market.
For its front-end retail venture, Bharti Retail requires critical retail technology and technical know-how. Within the framework of permitted franchise arrangements, Bharti Retail has entered into a technical collaboration with Wal-mart whereby Wal-mart provides critical technical support to Bharti Retail. Since April 2008, Bharti Retail has opened 26 small format stores and two medium format stores in the states of Punjab, Haryana and Delhi.
