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Walmart plans India stores in two years

  • U.S. retail giant Walmart is set to open its first stores in India within two years, according to the company's president and CEO for Asia.

    Scott Price said they had not yet decided on "where or how many stores" they would build in India.

    The move comes after the Indian government last week announced plans to open up the country’s lucrative retail sector to global supermarket chains.

    The reforms have been introduced to revive the economy.

    Under the government's proposal, global firms, such as Walmart, will be able to buy up to a 51 percent stake in multi-brand retailers in India.

    Multinational retailers already have outlets in India, but currently can sell only to smaller retailers. The new reforms allow them to sell directly to Indian consumers.