Report: Indian Reserve Bank to rule on Walmart probe
RETAILER NEWS
ChainStoreAge.com - Oct 21st, 11:44
Bentonville, Ark. – The Indian central bank is reportedly reviewing findings of an investigation into whether Wal-Mart Stores broke that country’s investment rules in 2010.
According to Reuters, in 2012 the Indian Reserve Bank asked the country’s finance ministry to investigate a $100 million investment Wal-Mart made into an Indian consulting firm that is involved in operating supermarkets.
At the time of the investment, foreign companies were not allowed to hold a controlling interest in Indian supermarkets. The finance ministry has now reportedly completed its investigation and referred its findings to the Indian Reserve Bank to make a final ruling.
A Wal-Mart spokesperson said the company has not seen results of the investigation and cannot comment, while the Indian Reserve Bank also declined comment in the article. Wal-Mart says it has complied and will comply with all Indian investment regulations. India has allowed foreign companies to take majority ownership of supermarkets there since September 2012.From ChainStoreAge.com
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