Seeking to put to rest concerns about impact of multinationals on livelihood security of local retail operators, Bharti Group Chairman Sunil Mittal said his group's tie-up with Wal-Mart would ‘reverse’ this perception.
"The joint venture will work in the interest of common man. For example, a pullover will be available for about Rs 40 against the average price of Rs 400 per piece," he said.
"We are following the policy and all the norms on joint venture with Wal-Mart," Mittal said in the context of the political debate over Foreign Direct Investment in retail and Congress president Sonia Gandhi's letter to the government, advising caution on opening up the sector for FDI.
According to reports, the Congress president had written to the Prime Minister asking the government to first study the impact of transnational super markets on livelihood security of those engaged in small scale operations, before taking further decisions on FDI in retail.
Mittal said the JV, forged last year, would unveil its retail plans in ten days.
Asked about reports whether Wal-Mart's CEO would visit India, he said a top-level team of the US retail giant's management would be in India from February 22-24, but did not elaborate.
Courtesy : Expressindia.com
"The joint venture will work in the interest of common man. For example, a pullover will be available for about Rs 40 against the average price of Rs 400 per piece," he said.
"We are following the policy and all the norms on joint venture with Wal-Mart," Mittal said in the context of the political debate over Foreign Direct Investment in retail and Congress president Sonia Gandhi's letter to the government, advising caution on opening up the sector for FDI.
According to reports, the Congress president had written to the Prime Minister asking the government to first study the impact of transnational super markets on livelihood security of those engaged in small scale operations, before taking further decisions on FDI in retail.
Mittal said the JV, forged last year, would unveil its retail plans in ten days.
Asked about reports whether Wal-Mart's CEO would visit India, he said a top-level team of the US retail giant's management would be in India from February 22-24, but did not elaborate.
Courtesy : Expressindia.com