| "We had a good meeting with the PM and hope that there will be a change in the FDI policy so that we are allowed to come in," Menzer told reporters here. |
| Menzer said the company would invest significantly in opening stores in the country. |
| "India is a huge opportunity area for us. By having retail operations here, we will be close to the market. Much of India's fruit and vegetable produce is spoiled. We can take care of this situation by investing in cold chains," he said. |
| During his meetings with the Indian leaders Menzer was accompanied by Uday Kotak, managing director, Kotak Mahindra, Elizabeth Keck, director (corporate affairs) Walmart Stores and Mark Rosen senior VP (strategic planning), Walmart International. |
| Walmart, the world's biggest corporation with sales of more than $288 billion in 2004, currently sources textiles, apparel, home furnishings, jewellery and handicrafts worth $1.5 billion from India and intends to increase sourcing by 30 per cent this year. "India was a very attractive market for Walmart |
| for sourcing products. It is the fastest-growing sourcing destination for Walmart globally," he said. |
| Asked if the Walmart was open to investing in India through a joint venture if the government allowed just 26 per cent FDI, Menzer said the company would have to look at the market scenario then, and what the government offered. |
| Walmart operates through joint ventures in both Japan and South Korea. China is the only other Asian country where it has a presence. |
| The Rs 25,000 crore organised retail market is considered to be among the fastest growing businesses in the country with growth rates in excess of 30 per cent. |
| Menzer also allayed fears that the entry of MNC retailers would spell doom for smaller Indian outfits. "The Indian economy is fantastic. |
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