Bengal CM rebuffs Wal-Mart

West Bengal Chief Minister Buddhadeb Bhattacharjee too came out in open opposition against multinational retailers like Wal-Mart as his party's central leadership aired its opposition to FDI in retail.

Speaking at the Indian Chamber of Commerce function, Bhattacharjee said, Wal-Mart proposed to procure local vegetables, fruit, meat and other food items for resale through its chain.

Organised retail would adversely affect the middle segment of the supply chain comprising small and medium businesses including transporters as they were too small to withstand competition.

"I cannot ask them to go away - I said a closer look is required," said Bhattacharjee.

While saying no to Wal-Mart and reiterating support for development-oriented foreign direct investment, Bhattacharjee said Indian companies like RPG Enterprises would be equally good in retail.

Sanjiv Goenka, vice-chairman of the RPG Group, said its project would be a 60:40 joint venture between RPG group and the Godrej group worth Rs 200 crore on a 4 lakh square feet plot owned by the RPG group in Park Circus. It would be a lifestyle project complete with shopping mall, food court, multiplex and hotel.

The project would be completed in 18 months.

Goenka said RPG Enterprises would set up two power plants, and a Rs 35 crore International Management Institute in Alipore by 2007.