Bharti-Walmart won't wait for all states to pass FDI; plan stores in AP, Maha

Bharti Walmart will not wait till all states in India allow FDI in multi-brand retail to roll out its plans and may start opening its outlets from states like Maharashtra and Andhra Pradesh, a top official of the retail giant said today.

Bharti Walmart Managing Director and CEO Raj Jain said the company will be able to come out with specific plans with regard to retail business only after 45 days as it is currently studying the government notification.

The company is a 50:50 joint venture between Bharti Group and US-based Walmart for wholesale cash and carry. “I think there are enough states and big states like Maharashtra and Andhra Pradesh which have expressed their willingness to allow FDI.

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“I think those states are big enough to start our plans (for retail),” Jain told a press conference. Recently, the government had allowed 51 percent FDI in multi-brand retail but left it to the states to permit opening of foreign funded stores.

Such stores would be allowed to be opened only in cities with a population of over one million. A foreign retailer would need to invest a minimum of $100 million, of which 50 per cent must be on back-end infrastructure within a period of three years of the commencement of the overall investment.

“It is only nine days since the FDA is opened in eight states. It is too early for us to share any clarity or details on our retail plans. We are studying the policy. It will take 45 days to come out with plans, Jain said in reply to a question. Earlier, Jain inaugurated Bharti Walmart’s first ‘Best Price’ modern wholesale cash and carry store in Hyderabad.

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This is the 18th store in the country and third in Andhra Pradesh. “We are ready to open another five to six (wholesale) store in this year and every year we will open about 10 Best Price stores with each outlet of about Rs 35 crore investment.

“We are going to open two stores in AP in the next six months,” Jain said. Bharti Walmart is a major supplier to Bharti Retail, which runs over 205 retail stores in different formats under the ‘Easyday’ brand.

Commenting on the government decision to allow FDI in retail, he said it is a calibrated cautious approach even as there has been concerns from political parties and others on the policy.

PTI