Wal-Mart’s plans for India boosted

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31 May 2005 – Delhi (IND): Wal-Mart’s plans to enter the Indian market have been boosted by an interview given by Indian Prime Minister Manmohan Singh in the Financial Times, in which he discussed plans to lift limits on foreign direct investment (FDI) "hopefully this year".

John Menzer, president/CEO of Wal-Mart’s international arm, who recently visited India to discuss the retailer’s plans, had said on his return: "It is amazing that India, which has huge retail potential, is under-retailed. We are looking forward to the government relaxing FDI norms in retail. As and when this happens, we will invest significantly here."