Wal-Mart to open stores in India in 12 to 18 months
MUMBAI, India (AP) - Wal-Mart says it plans to open retail outlets in India in the next 12 to 18 months. That makes it the first multinational to jump on India's decision to allow foreign players into its huge market.
Raj Jain confirmed the time frame Friday but declined to say how many direct-to-consumer stores were planned. He's the managing director of the joint venture Bharti Wal-Mart that operates 17 wholesale shops in India.
India announced last week that it would allow foreign firms to take a majority stake in multi-brand stores for the first time. The surprise decision cheered investors but cost the ruling Congress Party an important coalition ally.
Opponents say the move will cost Indians jobs and decimate millions of mom-and-pop shops.
Raj Jain confirmed the time frame Friday but declined to say how many direct-to-consumer stores were planned. He's the managing director of the joint venture Bharti Wal-Mart that operates 17 wholesale shops in India.
India announced last week that it would allow foreign firms to take a majority stake in multi-brand stores for the first time. The surprise decision cheered investors but cost the ruling Congress Party an important coalition ally.
Opponents say the move will cost Indians jobs and decimate millions of mom-and-pop shops.
walwart sucks
This is the next hammerstroke between discharge strikes on the anvil, folks. We provided WalMart opportunity to expand into a supplier role on the international stage that we can't compete with. We are doing the same in shipbuilding and aerospace, finance, as well as telecommunications, and slobbering over the chance to do it with sports too.