Bangalore, India -- A Wednesday report by Bloomberg said that Wal-Mart Stores, in its joint venture with Indian company Bharti Enterprises, plans to triple its wholesale outlet locations in India this year.
The report comes as Wal-Mart and other foreign retailers have been blocked from opening retail outlets in India, and are permitted only to set up wholesale locations.
Setting up wholesale businesses will help overseas companies prepare for the time when India relaxes its rules on retailing, which may happen by April, Junior Trade Minister Jyotiraditya Scindia told Bloomberg.
“We’re filling a gap in the country which has existed for several years now,” Raj Jain, CEO of Bharti Walmart, said in an interview with Bloomberg.
To read the full report, click here.