by William White | July 8, 2013 9:49 am
When India announced last September that foreign supermarket chains would be allowed to take majority ownership of their Indian operations, Walmart (WMT) planned to have a store in India in two years.
Two sources within Walmart’s Indian unit say that the company won’t likely apply for a store license before March 2015. Walmart says that it will require an additional 12 to 18 months after obtaining government approval, which puts the first Walmart in India no earlier than 2016, reports Reuters.
Walmart’s India partner Bharti Enterprises is reconsidering its joint venture due to heavy investment requirement and distant prospects for returns, four sources close to the matter said. Bharti Enterprises denied that it plans to break its partnership with Walmart and said it remains fully committed to the joint venture, reports Reuters.
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