FDI in front-end retail has to wait: Sunil Mittal

Foreign direct investment (FDI) in front-end retail will have to wait, Sunil Mittal, chairman and chief executive officer (CEO) of the Bharti group and the president of the Confederation of Indian Industry (CII) has said. Mittal was speaking at the CII's national council meeting in Kolkata.

Supporting West Bengal Chief Minister, Buddhadeb Bhattacharjee's stand, Mittal said, "Let us see for the next 7-10 years what Indian companies deliver and then we can take a call."

Responding to queries on West Bengal government's stand on retail, Bhattacharjee said, "So far as retail is concerned, Reliance to Spencer, everyone is welcome, subject to some conditions." He said he requested Reliance not to sell foodgrain and set up shop in core city areas.

Out of 11.6 million tonnes vegetables produced in the state, 10-30 per cent perish due to a shortage of cold storage chains.

Bhattacharjee opposed FDI in front-end retail. Mittal said it was a positive development that the chief minister recognised the importance of organised retail.

He, however, said only hypermarkets should be set up in the periphery of cities and not medium and smaller stores and added that the entry of the private sector into procurement of foodgrain would augur well for every one.

However, Bharti Enterprises, which recently signed an agreement with Wal-Mart, was not looking to enter West Bengal immediately.