Global retailer giant Walmart had been expected to expand into India's multi brand sector. This was according to a top government official's announcement made Friday.
Scot Price, Walmart Asia's Chief Executive met with the top officials of the country's Department Industrial Policy and Promotions (DIPP). The company had sought to clarify the recent changes made in legislations in the multi-brand sector of India. Walmart had continuously sought clarifications on the new changes implanted by India's government on foreign direct investment in its multi-brand segment.
The official told PTI, "They have indicated to come back to us very soon with a firm proposal.... The consideration by Walmart is very serious for India and their plan is possibly in the last stage."
After an hour long meeting top Indian government officials, Price declined to give comments regarding the discussions. The meeting was attended by Price and two others who were members of his team.
Earlier this month, the government allowed global multi brand retailers to source 30% of their products from small and medium businesses in country. This would be allowed only at the start of the business.
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