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Jan 25, 2013

Anand Sharma Meets Walmart CEO at Davos

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Mr Doug McMillon, CEO Walmart International met Union Commerce Industry and Textiles Minster Shri Anand Sharma at Davos today and conveyed that Walmart is ‘excited about India’ and they are studying the conditions before making the final announcement.

Shri Sharma said that India’s Policy on FDI in Multi Brand retail has finality and they need not be unduly concerned about any policy reversal. Shri Sharma also asked them to send request for clarification, if any, in the written form to his Ministry. All necessary clarity will be provided, assured Shri Sharma.

Meanwhile, the Union Cabinet approved the appointment of a one-man Committee into the media reports concerning Wal-Mart.

The terms of reference of the Committee are as follows:-

(i) To inquire into recent media reports on disclosures of Wal-Mart before the US Senate regarding their lobbying activities and details.

(ii) Whether Wal-mart undertook any activities in India in contravention of any Indian law.

(iii) Any other matter relevant or incidental to the above.

The Committee will submit its report within three months.