NEW DELHI -(Dow Jones)- Indian Trade Minister Anand Sharma said Friday Wal-Mart Stores Inc. (WMT) wants to expand its operations in the country.
U.S.-based Wal-Mart, the world's largest retailer, has a joint venture in India with Bharti Enterprises.
The joint venture, Bharti Wal-Mart Pvt. Ltd., operates a wholesale store in the northern Indian state of Punjab.
Sharma had earlier this week met Wal-Mart Chairman S. Robson Walton, who was in India. "I was informed that they (Wal-Mart) were very happy" with the company's current operation, Sharma said at a press conference.
Indian laws don't allow multiple-brand retailers such as Wal-Mart sell directly to consumers. But, they can run wholesale operations and provide back-end support to local retailers.
When asked whether the government plans to amend rules to facilitate foreign direct investment in multi-brand retail, Sharma indicated it wasn't on the cards. "This is not the time to revisit the matter," he said.
-By Prasanta Sahu & Bijou George, Dow Jones Newswires; +91-22-6145-6111; bijou.george@dowjones.com