Wal-Mart to go ahead with India plans despite opposition

Global retail giant Wal-Mart on Wednesday said it would go ahead with its planned expansion of cash and carry stores in partnership with Bharti Enterprises in India, irrespective of opposition to organised retail in many parts of the country.

"The initial plan was to roll out 15 stores in seven years. We still stick with it... There is no rethink of our plans in India," Wal-Mart India President Raj Jain told reporters on the sidelines of a CII event here.

Wal-Mart had entered into a 50:50 joint venture with Bharti Enterprises for cash and carry and the JV would open its first store in Northern India during the first quarter of next year.

Asked if opening 15 stores in seven years wasn't too slow, he said : "... it could be faster, it could be slower, I don't know. Lets open our first one. We will get some experience and we will take it from there."

As per earlier announced plans, the company would locate its cash and carry wholesale stores in Tier II and III cities.

The company had planned that about 90 per cent of sourcing would be from the local market and going forward the JV would help in increasing Wal-Mart's global sourcing from India.

Banks with the new IPO payment facility

11 Banks participated in the mock test for the new IPO payment facility conducted by the Bombay Stock Exchange (BSE). The 11 banks that participated in the mock test were Bank of Baroda, Corporation Bank, HDFC Bank, ICICI Bank, IDBI Bank, Indus Ind Bank, Kotak Bank, Punjab National Bank, State Bank of India, SBBJ and Union Bank. The first IPO in which the facility will be used is that of 20 Microns, which opens on Monday.

This facility, called the Application Supported by Blocked Amounts (ASBA), helps to retain the money in the applicant's account itself, as a blocked fund till the time of allotment of shares. Only that amount proportionate to the share allotment will be transferred from the account.

“BSE has successfully tested its interface with 11 banks for participation in the ASBA (Application Supported by Blocked Amounts) process,” said a BSE news release.