Walmart chief seeks stable business environment from India’s Modi: ET
FILE PHOTO: The Wal-Mart company logo is seen outside a Wal-Mart Stores Inc company distribution center in Bentonville, Arkansas June 6, 2013. REUTERS/Rick Wilking
MUMBAI (Reuters) – Walmart Inc’s (WMT.N) chief executive has written to Prime Minister Narendra Modi seeking certainty and predictability in India’s business environment, the Economic Times newspaper reported on Tuesday, citing people familiar with the matter.
Walmart-owned Flipkart and rival Amazon were forced to overhaul their business models, having been upset by changes made late last year to rules governing foreign direct investment for e-commerce marketplaces.
In January, Walmart told the U.S. government privately that India’s new rules were regressive and had the potential to hurt trade ties, Reuters reported here citing a company document.
In his letter to Modi, Chief Executive Doug McMillon highlighted Walmart’s commitment to India, the ET report said here Reuters was unable to independently review the letter or obtain confirmation of its content.
Competing for customers ahead of festive season sales, Indian trade groups have recently stepped up opposition against foreign-owned e-commerce marketplaces.
Reporting by Rupam Jain; Editing by Simon Cameron-Moore