According to a Mint report, Wal-Mart Stores Inc.’s chief executive is in contact with Indian officials about the retailer’s presence in India despite negative comments from its top executive in Asia about Indian regulations, finance minister P. Chidambaram said on Monday. “Wal-Mart’s Asia CEO seems to have made the statement. I do not think that is their final word because I think the Wal-Mart CEO (is) in touch with my colleague,” Chidambaram told Reuters in an interview.
“We have liberalised FDI in single brand retail and multi-brand retail to the extent that we can. People have to accept this and decide whether they want to invest or not.”
Wal-Mart Asia chief executive Scott Price on Sunday told Reuters he thought it would be very difficult for any foreign or domestic retailer to comply with restrictions on investment.
Read the complete Mint report here