India at Davos

Union Minister of Commerce, Industry and Textiles Anand Sharma met his Canadian counterpart Ed Fast, at the World Economic Forum in Davos on Friday. It was decided that a CEO forum will be formed and will meet for the first meeting when Sharma visits Canada in May-June this year.

Walmart International president Doug McMillon met Sharma and discussed the investment climate. McMillon conveyed his commitment to invest in the Indian market, when FDI in multi brand retail is allowed. Frans Muller of retail chain, Metro AG, Germany, also informed Sharma about the plans to double investment (around Rs 650 crore) in cash and carry and also to double the number of stores.

German wholesale giant Metro Group plans to invest euro 100 million (about Rs 650 crore) in India as part of a strategy to spread its footprint across the country. The cash and carry major that currently has nine stores at six locations in India at Bangalore, Hyderabad, Kolkata, Mumbai, Jalandhar and Ludhiana.

“With a good presence already, we plan to have about 50 stores soon. We plan to invest around euro 100 million. We have a big investment plan for India,” Metro Group Member of Board Frans W H Muller said after meeting Indian Commerce and Industry Minister Anand Sharma at Davos.