India: Walmart keen to open food retail chain

(AGI)- New Delhi, Aug 18 - Global retail firm Walmart Inc. has shown interest in investing in retail food chains in India after Indian markets were opened for 100 percent foreign direct investment(FDI) by the government, said a top official of food processing industries. Food processing industries, secretary Avinash Srivastava said," Walmart has already shown a lot of interest. They are already here in India. They will come of their own and add to the growth story of the country." He further said that investment by a company like Walmart would not only help in employment generation in the country, but would also give a big boost to the food processing industries. Walmart has a presence in the cash-and-carry wholesale format in the country. Indian government notified 100 percent FDI this June in e-commerce and for food products manufactured or produced in India. The food processing industry in India received FDI worth US$ 1.04 billion during April 2014 to March 2015. Food processing industry contributed around 9 percent to the manufacturing GDP. Apart from Walmart, the largest Brazilian poultry producer has also expressed interest in joining hands with Indian Future group of Kishore Biyani to sell their products in India. (AGI) .