Walmart India is “evaluating” new foreign direct investment (FDI) guidelines for the food retail space. This follows the government permitting 100 per cent FDI in the sector.
Walmart India president/CEO Krish Iyer describes the government’s decision as a good step. “It’s a very noble objective in terms of being able to double farmers’ income and reduce food waste.”
He says the company has been evaluating the guidelines and “at an appropriate time” will look at the sector. Walmart India currently works in the wholesale segment with 21 cash-and-carry stores across nine states. It plans to increase the number of stores to 50 by 2021.
Regarding its Best Price wholesale stores, Iyer says the major focus has been in states where the company already has a presence – Andhra Pradesh, Haryana, Himachal Pradesh, Madhya Pradesh, Maharashtra, Punjab, Telangana, Uttarakhand and Uttar Pradesh.
Walmart India is a wholly owned subsidiary of US retail giant Walmart Stores.