Walmart Eyes Expansion in India

Bharti Walmart, a joint venture between Bharti Enterprises, an India-based business group, and Walmart, announced plans to open 10 to 12 new Best Price Modern Wholesale cash-and-carry stores, which will employ approximately 3,000-4,000 people, by end of this year. Last week, the Indian cabinet approved a 51 percent foreign direct investment (FDI) in multi-brand retailing and an 100 percent FDI in single-brand retailing, opening the door for hypermarkets and supermarkets such as Walmart and Tesco. Allowing 51 percent FDI in multi-brand retail is an important first step, says Raj Jain, Walmart India president and managing director and chief executive