The world’s largest retailer, Wal-Mart wants India’s cap on retail Foreign Direct Investment to be uncapped. And John B. Menzer, President and CEO, Wal-Mart, himself is doing the horse-trading. Menzer was in India to speak to the Prime Minister Manmohan Singh and the Commerce Minister Kamal Nath on a business proposition.

While breaking ice with senior Indian bureaucrats on why India should increase FDI in retailing, Menzer promised a “significant investment package” in return to the upping.

Currently, India allows 26 percent of FDI in retail with a joint venture with any Indian company or in any form of wholesale for a market of $6.4 billion. Speculations are rife that retail segment might see another 10 percent market growth by 2010 and government is considering another 23 percent rise. But Menzer wants it to be 100 percent; and that’s where the whole brainstorming comes in.

With retailers like Pantaloon, Shoppers Stop, Trent profiting from the burgeoning middleclass, and their net profit margins as high as 4 to 5 percent, India’s retail industry is baiting foreign investors.

The time is now ripe for making a fast buck and a Fortune No. 1 company like Wal-Mart may repent for not being here.

“Based on our operational experience in Hong Kong and 11 other countries, we plan to have skyscraper Wal-Marts-five-storied stores plus another five storied of parking area above them in the same complex,” he said about Wal-Mart’s innovative stores for India in a TV interview. However, Bentonville, Arkansas based Wal-Mart does $1.5 billion business a year in India by importing apparel, textile and jewelry from the country, which Menzer considers a strong motivation for his India arrival to meet his clients.