Sharma assures full support to retail giants Walmart, Tesco

The Union Minister for Commerce & Industry and Textiles, Anand Sharma meeting the Chairman, Tesco, Sir Richard Broadbent, at the India Adda, Davos on January 23, 2013.

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SME Times News Bureau | 25 Jan, 2013
Commerce and Industry Minister Anand Sharma Thursday assured global retail giants Walmart and Tesco that India will provide full support to them for their entry into the just opened multi-brand retailing in the country.

Sharma met a series of global industrial leaders, including Tesco Chairman and Walmart Chief Executive Officer at World Economic Forum, Davos, Switzerland, yesterday.

In his meeting with the Tesco Chairman Sir Richard Braodbent who sought certain clarifications on conditionalities in the new FDI policy for the retail sector, the minister assured that all the foreign investors will be provided hand holding.

Sharma asked the Tesco official to voice their concerns in writing and offered all help if Tesco decides to send a team to Department for Industrial Policy and Promotion for consultation.

Meanwhile, Walmart chief executive officer Doug McMillon also met Sharma to discuss the possibility of opening supermarkets in India. McMillon conveyed to Sharma that Walmart is "excited about India" and was studying the conditions before making the final announcement.

Sharma said that India's policy on FDI in multi-brand retail has finality and they need not be unduly concerned about any policy reversal.

Among the other business leaders, Sharma also met Diageo chief executive Paul S Walsh, Novartis Head of Global Public and Government Affairs Petra Laux, Royal Philips Electronics President & CEO A. van Houten, Lloyd's CEO John Nelson, and Standard Chartered Group CEO Peter Sands.

In a meeting with Paul S Walsh, Chief Executive of Diageo, Sharma was briefed about the company's plans in India. Mr. Walsh termed India as 'fantastic market' and said that their experience with India has been 'great'. He also informed Sharma that Diageo is exploring the opportunities of marketing Indian Spirits overseas.

Peter Sands, Group CEO, Standard Chartered, discussed the upcoming meeting of India-UK Business Forum co-chaired by Ratan Tata in the first quarter of this year. He also discussed the forthcoming visit of the British Prime Minister to India.

In a meeting with Petra Laux, Head of Global Public and Government Affairs, Novartis. Sharma was informed about the company's appreciation for movement towards Market Based Pricing regime in India. Laux also expressed Novartis' interest in enhancing investment in India.

Sharma also met Mr. Richard Olver, Chairman, BAE Systems who pressed for greater liberalisation in defence sector. Mr. Olver also expressed the company's interest in forging new ties with defence sector PSUs of India.

Frans A. van Houten, President & CEO, Royal Philips Electronics, in a meeting with the Indian commerce minister expressed his interest in manufacturing facilities in India along with the concerns for local sourcing requirement for LED.

In a meeting with Mr. John Nelson CEO, Lloyd's, Sharma was conveyed the hope that the Insurance Bill pending in Parliament will be legislated soon. They were hoping that it was done before the visit of the UK PM but the Parliamentary calendar made it difficult.

Four contenders for the post of Director General, World Trade Organization met the Indian minister and sought India's support for their candidature. Sharma expressed India's stand regarding need for a DG who is from the developing countries and is committed to the development dimension of WTO negotiations.