Reliance chief hails Bharti,Wal-Mart tie-up

 "The Indian retail market has space for at least 6-8 large players,"  Ambani said at the India Economic Summit, when asked whether the partnership between Bharti and Wal-Mart could pose a challenge to the Rs 25,000-crore ambitious plans of Reliance group in the retail segment.

Asked whether foreign direct investment (FDI) should be allowed in multi-brand retail format, he said it should be permitted as the sector offered immense potential. FDI was welcome as the retail potential was real, he said, adding it could not be captured by any single large company or multi-national corporation.

Ambani said the retail segment had the potential to aid not only in India's economic growth but also provide employment opportunities. "As many as 10-15 million jobs would also be generated over the next 3-5 years due to the explosion in retail sector, " he said. One of the biggest opportunities from retail was that it would create purchasing power, even at the bottom of the pyramid, he added.

Earlier in the day, the Bharti group had announced its tie-up with Wal-Mart for a retail venture in India.