FDI policy vital to India biz: Wal Mart

Wal Mart says it's ready to make "substantial investment" in India, provided the Govt comes out with a proper FDI policy, reports Lalit K Jha.

Wal Mart on Tuesday said it was now ready to make a "substantial investment" in the Indian market, besides opening its popular retail outlets in its cities, only after the Indian Government comes out with a policy or legislation on Foreign Direct Investment (FDI) in the retail sector.

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In its first media statement, exclusively to Hindustantimes.com, after the high-profile visit of its CEO, John B Menzer, the Wal Mart said the ball is now in the Indian Government's court to decide.

Leading a high-level delegation of senior Wal Mart officials, Menzer last week visited Bangalore (May 11) and New Delhi (May 12) to get a first hand information of the Indian market and have a top level meeting with Government officials, including the Prime Minister, Manmohan Singh.

"For us, India is the largest growing market. We want to expand our operations in India in coming years. We are ready for it. But it can be done only after the Indian Government comes out it FDI policy in retail sector," Wal Mart spokeswoman, Beth Keck told Hindustantimes.com, following a follow-up meeting of the India tour.

It is understood that the Indian Government gave an assurance that it would come out with it FDI policy in retail sector soon. "We are very positive about it. Now there is going to be public debate on the policy of FDI in this sector," she said.