Corporate Aug 30, 2013
New Delhi:Global retail giant Walmart isexpected to soon firm up its plan to foray into India'smulti-brand sector, a top government official today said.
Walmart Asia Chief Scot Price met top officials of theDepartment of Industrial Policy and Promotions (DIPP) andsought clarity on the recent changes government had made inthe multi-brand retail FDI policy.
"They have indicated to come back to us very soon with afirm proposal.... The consideration by Walmart is very seriousfor India and their plan is possibly in the last stage," theofficial told PTI.
Price declined to comment after an hour-long meeting. TheWalmart chief attended the meeting with two of his teammembers.
Walmart has been seeking a series of clarifications fromthe government over the conditions for FDI in India'smulti-brand segment. It had in July expressed its inability tothe government on meeting an earlier sourcing norm thatrequired 30 per cent procurement from small industries. It hadsaid it can procure only about 20 per cent.
Subsequently, earlier this month the government haddiluted the contentious sourcing clause allowing globalmulti-brand retailers to source 30 per cent of their productsfrom small and medium enterprises only at the time of start ofbusiness.
Besides, they have also been allowed to set up storesin cities with less than ten lakh population.