21 September 2012 Last updated at 06:35 ET

Walmart plans India stores 'in two years'

Walmart will be able to buy up to a 51% stake in multi-brand retailers in India

US retail giant Walmart hopes to open its first stores in India within two years, the company's president and CEO for Asia told the Wall Street Journal.

Scott Price said they had not yet decided on "where or how many stores" they would have in India.

Last week, the Indian government announced plans to open up the retail sector to global supermarket chains.

The authorities say the reforms are needed to revive the economy, which has been on the downslide recently.

The company is capable of opening stores within 12 to 18 months and would be seeking permission to do so from states that have already indicated their willingness to have the US retailer set up shop, the Wall Street Journal quoted Mr Price as saying.

"Two years would be a reasonable time frame in total," he added.

Under the government's proposal, global firms - such as Walmart and Tesco - will be able to buy up to a 51% stake in multi-brand retailers in India.

Multinational retailers already have outlets in India, but at present they can sell only to smaller retailers. This decision allows them to sell directly to Indian consumers.