Wal-Mart Stores Inc will open its first wholesale cash-and-carry store in India next week in Amritsar. Wal-Mart has formed a joint venture Bharti Wal-Mart Pvt.Ltd with Bharti Enterprises.
“It will be opened early next week," Arun Mowar, spokesman for Wal-Mart in India, told Hindustan Times.
Foreign direct investment (FDI) in multi-brand retail is prohibited in India, although they are allowed to carry out wholesale cash-and-carry operations. The entry of global retail majors in India has faced fierce opposition from local retailers.
Bharti Wal-Mart had announced plans to set up 10 to 15 giant stores spread between 50,000 sq ft and 100,000 sq ft to sell labelled items like stationery, footwear, clothing, consumer durables and other general merchandise.