Bharti To Take Walmart Call Soon
“For the last several months, nothing has happened. No stores are being opened and it can’t be in a standstill. Some decision will have to be taken, it can’t carry on being in the speculative phase,” a source said.
Bharti Walmart runs 20 Best Price Modern Wholesale stores in Amritsar, Jalandhar, Kota, Bhopal, Ludhiana, Raipur, Vijayawada, Agra, Meerut, Lucknow, Jammu, Guntur, Aurangabad, Amravati, Hyderabad and Rajahmundry.
After the government allowed 51 per cent FDI in multi-brand retail in September last year, Walmart has sought clarity on aspects of the policy, especially the sourcing clause. In July, it expressed its inability to meet the norm requiring 30 per cent procurement from small industries, saying it could source only about 20 per cent.
The government subsequently diluted the clause to allow global retailers to source 30 per cent of their products from small and medium enterprises only at the start of the business.
Walmart has also been probing alleged corruption practices at its local arm, after which its India head Raj Jain and CFO Pankaj Madan quit the company.