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Wal-Mart offers $5 billion business to Indian firms
By siliconindia staff writer
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Thursday, 13 November 2003, 20:30 IST
NEW DELHI: The world's biggest corporation, $247-billion Wal-Mart, could single-handedly buy more supplies from India than the country's entire software exports.
According to a report in Indian daily, Wal-Mart has formally shown interest in sourcing goods worth $7-$10 billion from India in the next two years, provided local companies deliver quality products on time and, of course, at competitive prices.
Retail giant Wal-Mart, which pipped General Motors and Exxon Mobil to occupy the top slot in the Global Fortune 500 companies last year, has asked for a list of 20 Indian suppliers to source every category of products in which it is present. They have asked for the list to be submitted by January 15. (Can India meet Wal-Marts expectations?)
As part of this exercise, a two-member Wal-Mart team comprising Taunya Pointer, director, trade development and relations, and Cameron Geiger, MD, South Asia, are in Delhi to work out the modalities. According to sources, the two met commerce ministry officials and some industry players and apprised them of Wal-Mart's intent.
What has perhaps fuelled Wal-Mart's interest in India is the dismantling of the textile quota regime from January 1, '05, which means there will be no restrictions on Indias textile exports. Retailers in the US and Europe can step up their sourcing from India significantly. In a manner of speaking, the sky is the limit.
(Source: Econoimc Times)