The world's largest retail chain Wal-Mart has expressed interest in investing in Bihar, the State that is on an economic revival path. “Last week, people from the American Embassy and some people from that country visited Bihar and they said that Wal-Mart wants to invest in the State,” Bihar's Deputy Chief Minister, Mr Sushil Kumar Modi, said here today.
No decision yet
He said the State would look into the matter. “We have not taken until now any decision,” Mr Modi said without elaborating. Since foreign direct investment (FDI) in multi-brand retail in not allowed in the country, Wal-Mart has entered India for cash-and-carry format of business through a joint venture with the Bharti Group.
The joint-venture, which opened its first store in Amritsar in May 2009, has expanded its cash-and-carry format business to Raipur, Zirakpur, Jalandhar, Kota, Bhopal and Ludhiana.
On his view on allowing FDI in multi-brand retail segment, Mr Modi said the State Government has not yet firmed up any opinion on the issue. “We have not taken any decision regarding FDI in multi-brand retail,” he said.