Earlier, Mukesh Ambani’s Reliance Industries Ltd launched Reliance Fresh, its first retail venture in Hyderabad. RIL has the planning to launch eleven more retail stores in the city.
Now, it’s Sunil Mittal‘s Bharti‘s turn. Bharti Enterprises has tied-up with the world’s biggest retailer Wal-Mart to open retail chains in India.
The Bharti group has announced its tie-up with Wal-Mart for its retail venture after months of speculations.
On the other hand, Reliance Industries chief Mukesh Ambani has welcomed Bharti‘s tie-up with Wal-Mart in India. He said that Indian consumer market has enough space for six to eight big players.
He said at the India Economic Summit as he sees no threat to his Rs 25,000-crore ambitious plans of Reliance group in the retail segment after the entry of big players such as Wal-Mart.
Mukesh said further that
as retail sector has showed immense potential and government should give permission for FDI in retails too. No big company can hold monopoly in the Indian market. The growing retail sector would generate 10-15 million jobs opportunities and would help Indian economic to grow.
He said further that
there is no any threat to the 8-million-strong neighborhood stores. All these small shops would help in faster growth of the retail sector.
But, this is the conception of a businessman but in reality there is possibility of washing out of those small shops. Now, the Wal-Mart’s entry in India may worry the small fishes of Indian market. Now, its up to the Indian government how it would protect small companies from the big players.