Bentonville, Ark. – Raj Jain, who has overseen Wal-Mart’s India unit since 2007, has left his position. Neither Wal-Mart nor...
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
Bangalore, India -- A Wednesday report by Bloomberg said that Wal-Mart Stores, in its joint venture with Indian company Bharti Enterprises, plans to triple its wholesale outlet locations in India this year. The report comes as Wal-Mart and other foreign retailers have been blocked from opening retail outlets in India, and are permitted only to set up wholesale locations. Setting up wholesale businesses will help overseas companies prepare for the time when India relaxes its rules on retailing, which may happen by April, Junior Trade Minister Jyotiraditya Scindia told Bloomberg. “We’re filling a gap in the country which has