The world’s largest retailer Wal-Mart Stores Inc which has a “Cash & Cary” joint venture with Bharti Group will open 40 more stores in India in the near future. The company had initially planned to open around 15-20 stores in three years.

The commerce and industry minister, Mr Anand Sharma, said “Wal-Mart Stores Inc will open 40 more stores in India in the near future; Wal-Mart is very satisfied with the results in India. As informed by the Wal-Mart CEO that they are looking at opening more stores. He gave a figure of 40 more stores across the country in the immediate future.”

Mr Sharma said. The Wal-Mart chief, Mr S. Robson Walton, met the Prime Minister, Dr Manmohan Singh and Mr Sharma last week and discussed the FDI scenario in the retail sector in India. The government, currently allows 51 per cent FDI in single brand retailing, while foreign players are not allowed to invest in multi-brand format.