Wal-Mart CEO meets PM, seeks FDI in retail

John B Menzer, president and chief executive officer of Wal-Mart International, on Thursday met Prime Minister Manmohan Singh, and sought opening of the retail sector for foreign direct investment.

"We had a good meeting with the prime minister. Hope change will be there in FDI policy, and we are allowed to come in," Menzer

said after the meeting.

He said Wal-Mart wanted to "invest significantly" in India for opening stores apart from continuing outsourcing from the market.

Menzer said Wal-Mart's sourcing from India was around $1.5 billion last year. "We expect a 30 per cent increase this year," he said, pointing out that low-cost was a big attraction.