Walmart to craft a major sourcing market in India
By siliconindia   |   Tuesday, 13 April 2010, 22:23 IST   |    3 Comments
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Walmart to craft a major sourcing market in India
Chandigarh: The retail player Walmart expects India to become one of its major suppliers within 4-5 years and said that that it will increase sourcing from India for its global operations, reports PTI. "We see India as a mega place for our worldwide sourcing. Indian products can be exported to other Asian countries, Europe and even the U.S.," Walmart Asia President and CEO Scott Price told reporters here. Price said the country has an immense number of items to offer and a final decision has not been taken. The Bentonville (Arkansas)-based company already sources goods worth $125 million a year from Punjab alone, mainly cotton. Price said the aim is now to increase the figure manifold. "In the next 12 months we could talk about exports worth tens of millions of dollars, maybe hundreds of millions in the next 4-5 years. Our global sourcing organ has been restructured and I had a talk with its head and both of us agreed that India has an immense potential," he said. Walmart, which is currently present in India under a 50:50 joint venture with Bharti Enterprises in the wholesale cash-and-carry segment, also called for a relaxation of the country's retail FDI norms. "The government is itself identifying areas where improvement is required. FDI in retail has to be opened further, although it could be in stages," Price said, however, adding that the company is satisfied with its JV with Bharti.

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