India to be export hub for Wal-Mart
Chandigarh: Wal-Mart on Tuesday said that its sourcing from India could increase to ‘hundreds of millions’ of dollars within four to five years, thus, making the country an export hub for its global operations. Bentonville (Arkansas)-based company already has a major sourcing business in India, including goods worth $125 million a year from Punjab alone, comprising mainly of cotton.
“In next 12 months we could talk about exports (from India) worth tens of millions of dollars...maybe hundreds of millions in the next 4-5 years,” Walmart Asia president, CEO Scott Price said. He said Walmart’s global sourcing division has been restructured and the retailer has decided to focus on India in a big way. “I had a talk with its (sourcing) head and both of us agreed that India has an immense potential,” he said, adding that the firm saw India as a mega hub for worldwide sourcing. PTI
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