US retail giant Wal-Mart aims to open its first store in India within the next 12-18 months, a day after the government notifies foreign direct investment in retail.
“The company is capable of opening stores within 12 to 18 months and would be seeking permission to do so from states that have already indicated their willingness to have the US retailer set up shop,” Scott Price, president and CEO, Wal-Mart Stores, Asia, said in an interview to The Wall Street Journal. “Two years would be a reasonable time frame in total.”
The company has not yet decided where or how many stores it would like to have in India, said Price, adding, the company expects to continue its current partnership with Bharti Enterprises in a chain of 17 cash and carry stores.
In another report, a Wal-Mart spokesperson told AFP: “That is the plan — to open (stores) in 12 to 18 months.”