Walmart keen to expand op in Nepal
KATHMANDU, June 30:
International retail chain Walmart has showed interest to start operation in Nepal by entering into joint venture with a Nepali department stores.
R P Singh of Walmart India, during a meeting with Nepali officials on Tuesday, expressed the international retail chain´s interest to expand operations in Nepal. She also enquired about the legal provision for expanding Walmart´s operation here.
“On behalf of Walmart, Singh showed keen interest to enter into a joint venture with a Nepali retail store,” Chandra Kumar Ghimire, joint secretary at the Ministry of Commerce and Supplies (MoCS), told Republica on Wednesday.
As per the existing Foreign Investment and Technology Transfer Act 1992, any multinational retail chain having operations in more than two countries can be allowed to start a joint venture in retail business in Nepal.
Walmart expanded its operations in India in August, 2007 by entering into a joint venture with Bharti Enterprises to form Bharti Walmart for supply chain management operations in India. Walmart´s first BestPrice Modern Wholesale opened in India in May, 2009.
Uday Raj Pandey, president of Garment Association of Nepal (GAN), said joint venture investment by Walmart in Nepal would provide Nepali consumers access to quality goods at reasonable price.
Walmart was one of the major buyers of Nepali garments when the Nepali RMG industry was in boom in the early 2000s.
Walmart has 9,198 retail units under 60 different banners in 15 countries, including Mexico, the UK, Japan, India, Argentina, Brazil, Canada and China. The US-based retail chain that employs 2.1 million associates worldwide had recorded total sales of $405 billion in 2010.
Source: Republica
International retail chain Walmart has showed interest to start operation in Nepal by entering into joint venture with a Nepali department stores.
R P Singh of Walmart India, during a meeting with Nepali officials on Tuesday, expressed the international retail chain´s interest to expand operations in Nepal. She also enquired about the legal provision for expanding Walmart´s operation here.
“On behalf of Walmart, Singh showed keen interest to enter into a joint venture with a Nepali retail store,” Chandra Kumar Ghimire, joint secretary at the Ministry of Commerce and Supplies (MoCS), told Republica on Wednesday.
As per the existing Foreign Investment and Technology Transfer Act 1992, any multinational retail chain having operations in more than two countries can be allowed to start a joint venture in retail business in Nepal.
Walmart expanded its operations in India in August, 2007 by entering into a joint venture with Bharti Enterprises to form Bharti Walmart for supply chain management operations in India. Walmart´s first BestPrice Modern Wholesale opened in India in May, 2009.
Uday Raj Pandey, president of Garment Association of Nepal (GAN), said joint venture investment by Walmart in Nepal would provide Nepali consumers access to quality goods at reasonable price.
Walmart was one of the major buyers of Nepali garments when the Nepali RMG industry was in boom in the early 2000s.
Walmart has 9,198 retail units under 60 different banners in 15 countries, including Mexico, the UK, Japan, India, Argentina, Brazil, Canada and China. The US-based retail chain that employs 2.1 million associates worldwide had recorded total sales of $405 billion in 2010.
Source: Republica
