Walmart currently focused on cash-&-carry business in India: McMillon

Doug McMillonWalmart is currently concentrating on growing its wholesale retail business in India and would wait for more clarity on the government's FDI rules before entering the lucrative multi-brand retail sector, the U. S.-based retail giant's chief said on Friday.

Doug McMillon, president and chief executive of Walmart, said that they were excited about India but at the moment they were focused on cash-&-carry business under our Best Price brand.

Speaking on the topic, he said, "We are excited about India. At the moment, we are focused on cash-and-carry business . the foreign investment rules are decided in such as way that we can help serve people of India even further and move into multi-brand retail as well."

After parting ways with India's Bharti Group in October last year, Walmart had said that it was studying the feasibility of the country's FDI policy for multi-brand retail sector before taking the final decision.

McMillon revealed the global retailer's plans about entering India's multi-brand retail sector during an interview on the sidelines of the ongoing World Economic Forum Annual Meeting in Davos, Switzerland.

Walmart has long been making efforts to enter India's multi-brand retail sector. In one of its reports, it even admitted that it spent millions of dollars on lobbying US lawmakers to facilitate its entry into multi-brand retail sector of India. Earlier this month, the company registered Walmart India Pvt Ltd, as part of its preparation to enter the country's multi-brand retail sector sometime in the future.