INDIA: Wal-Mart "registers new company"
Global retail giant Wal-Mart is understood to have registered a new company in India as it prepares to enter the country's multi-brand retail market.
According to India's Economic Times, the retailer has registered a new company called Wal-Mart India Private Ltd in the country. Data with the Ministry of Corporate Affairs shows the new entity was registered on 15 January.
Wal-Mart parted ways with Bharti Enterprises in October last year to operate retail stores independently in India, ending speculation over the future of their six-year partnership.
The retailer bought out Bharti from their Bharti Walmart venture, taking on their Best Price Modern Wholesale cash-and-carry business. Bharti, meanwhile, kept its Easyday retail stores across all formats, for which Wal-Mart has provided supply chain and management support.
As a result, in December, the retail giant admitted that some jobs would be lost from its India business as it plotted its growth in the market alone.
It was thought Wal-Mart had put plans for more stores in India on hold as it shored up how to apply for new outlets in the wake of bribery allegations last year.
The allegations hit the Bharti Walmart venture last year and Wal-Mart wants to ensure applications for new store locations meet local regulations.
Last month, Wal-Mart International senior vice president, Krish Iyer, was promoted to the role of chief executive for the US retail giant's India operations.
He took up the role from today, replacing interim CEO Ramnik Narsey, who is taking the role of senior vice president for Wal-Mart International.
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