Walmart India has dismissed the recent media reports which suggested it was looking to invest in a joint venture with Kishore Biyani-led Future Group.
Speaking exclusively to IndiaRetailing, a Walmart India spokesperson said, “It is speculative to say Walmart is looking to invest in a JV with Future Group since FDI in multi-brand retail is currently not permitted.”
He further said, “We are happy with our current partnership with Bharti and the pace of our growth in India.”
Future Group did not respond to IndiaRetailing’s query regarding a possible partnership with Walmart.
On Tuesday (March 29), a leading business daily in India reported that senior executives of Future Group and Walmart had met at least five times in four months, raising possibilities of an alliance.
The US-based retailer operates in India through a joint venture, Bharti Wal-Mart Pvt Ltd, which operates wholesale outlets in India. The company, though, doesn’t sell directly to the public as FDI is still restricted in multi-brand retail.
– IndiaRetailing Bureau
