|Wal Mart in China|
However, he refused to comment on the investment plans or other matters, saying that not much time has passed following the Indian Government’s decision to allow foreign direct investment (FDI) in multi-brand retail and issuance of notification in this respect.
The American retail major is now reviewing the implications of the new notification, and it would take it at least a one to two months for developing the retail format, he said.
Mr. Jain said while Indian Government’s decision of allowing FDI in multi-brand retail has been received well by big Indian states like Maharashtra and Andhra Pradesh, some other states like Gujarat have also voiced their opposition.
However, he said the Government of India’s decision to adopt a cautious approach while allowing FDI is a well-contemplated move, which though has left much scope for showcasing the advantages of foreign retailing major like Walmart.
Once they succeed in presenting the benefits of Walmart in a state like Andhra Pradesh, other states may also change their minds and open up to allow Walmart, he added.
Mr. Jain is also the CEO and the Managing Director of Bharti Walmart, a Bharti Enterprises and Walmart Stores Inc joint-venture for wholesale, cash-and-carry and business-to-business operations in India.