Scott Price the president and CEO of the Wal-Mart stores for Asia mentioned in an interview to the Wall Street Journal that they have already made plans to launch their first retail stores in India in 12-18 months.

This announcement comes close on heels after the UPA had mentioned its intent to allow 51% of FDI in retail of multibrands which allowed the entry of foreign retail megastores in India after they form ventures with Indian entrepreneurs.

However, the largest retailer of the world has not yet mentioned or decided the locations or the number of stores it has planned in India, Price said.

Price added that the company expects to continue its current partnership with India's Bharti Enterprises in a chain of 17 cash-and-carry stores, but it is not in discussions with any other companies for a potential retail partnership.

(AW- Anil)