US retail giant Walmart along with a food company based out of Brazil are interested in setting up stores in India following the Government’s decision to allow 100 per cent foreign direct investment (FDI) in the marketing of locally-produced food items, Food Processing Ministry Secretary, Avinash Srivastava, said on Wednesday.
“Walmart is interested in setting up its own retail stores, but the Brazilian company – which is one of the largest food companies in the world – may go for a local partner,” he added.
“We have met the ambassadors and industry organisations of various countries to brief them on the new FDI rules in the food retail sector so that they can spread the word amongst their industry,” Srivastava said at a press conference on achievements of the sector under the Make in India initiative.
“We hope that the FDI that will flow into the sector following this decision will reduce food wastage as well as generate employment,” Srivastava added.
Walmart, Brazilian food giant may set up retail chains in India
Walmart is interested in setting up its own retail stores, but the Brazilian company - one of the largest in the world - may go for a local partner
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