Eyeing India as a long-term growth market, U.S.-based retail giant Walmart said it was now focussing on expanding its wholesale retail business in the country and would wait for further clarity on rules for entering the multi-brand retail business.
“We are excited about India.We see the potential of the country and we have a long-term view. At the moment, we are focussed on cash and carry business under our Best Price brand,” Walmart President and CEO Doug McMillon told PTI here.
“We will continue to serve the shopkeepers, kiranas and farmers using that format and grow that business in India,” said Mr. McMillon, who is here to attend the World Economic Forum (WEF) annual meeting.
When asked about registering a new company in India earlier this month, he said Walmart was positioning itself for the future, but the focus for the moment remained on Best Price cash and carry format.
Mr.McMillon said it was not possible as of now to predict any timeline for multi-brand entry as it would depend on the decision taken by the “people of India and the government of India with regard to the regulations for foreign direct investment.”
