India Eco Summit: Wal-Mart to open 40 more stores in India

The world's largest retailer Wal-Mart Stores Inc will open 40 more stores in India in the near future, Commerce and Industry Minister Anand Sharma said.

"Wal-Mart is very satisfied with the results in India. I was informed by the Wal-Mart CEO that they are looking at opening more stores. He gave a figure of 40 more stores across the country in the immediate future," Sharma told reporters during the India Economic Summit here.

Wal-Mart Chief S Robson Walton met Prime Minister Manmohan Singh and Sharma last week and discussed the foreign direct investment (FDI) scenario in the retail sector in India.

The government, currently allows 51 per cent FDI in single brand retailing, while foreign players are not allowed to invest in multi-brand format.

Wal-Mart has a cash-and-carry joint venture with Bharti Group and runs the 'Best Price Modern' stores. Wal-Mart opened its first cash and carry store in Amritsar in May this year.

Meanwhile, Bharti Group Chairman Sunil Mittal said that the group would take a measured approach to execute its expansion plan and will not go fast on opening new stores.

"More cash-n-carrys are under plan every few months, you will see some of them opening. We are not going very fast on this. We have a measured approach as per the plan," Mittal told reporters here.