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2013-10-18

Wal-Mart’s Scott Price to meet Anand Sharma over sourcing norms

Wal-Mart\\\'s Asia chief Scott Price will meet Commerce and Industry Minister Anand Sharma on November 1 following the break-up of the US retail giant\\\'s partnership with Bharti Enterprises.

Wal-Mart's Asia chief Scott Price will meet Commerce and Industry Minister Anand Sharma on November 1 following the break-up of the US retail giant's partnership with Bharti Enterprises.

 

After the government allowed 51 per cent foreign direct investment in multi-brand retailing in September last year, Wal-Mart had expressed inability to meet a norm on sourcing 30 per cent of its requirement from local small industries.

 

While the US company has sought clarifications on the sourcing requirement, the Department of Industrial Policy and Promotion, a wing of the Commerce Ministry, has said there is no plan to relax the norm.

 

"They have sought a meeting with me. He is meeting on November 1," Mr Sharma told reporters on Thursday.
 

Bharti Enterprises and Wal-Mart on October 9 announced the ending of their six-year partnership to operate in the Indian retail sector.

 

Wal-Mart will buy out its partner in their 50:50 cash-and-carry joint venture, Bharti Walmart, which runs 20
 

Best Price Modern Wholesale stores in the country, for an undisclosed sum. Bharti will continue to run its 'Easyday' retail stores on its own.
 

The two companies joined hands in 2007 and started their first wholesale store in Amritsar in May 2009.

 

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