Jain quits Walmart

Raj Jain is no longer with Walmart. He has been replaced by Senior Vice-President Ramnik

Narsey, who joined Walmart last month after quitting as India Chairman & CEO of Australia-based Woolworths. Walmart, the world’s largest retail chain has lately been embroiled in several controversies, including an internal investigation into violations of the Foreign Corrupt Practices Act (FCPA), or anti-bribery laws, across markets like Mexico, India, Brazil and China.

Jain had been with the company since 2006. Bharti Walmart has not been performing according to expectations. The accumulated losses of Bharti Walmart as of last year were over Rs 700 crores. Jain had been made Walmart India’s Chief in 2007, two years before the company launched its cash-and-carry (wholesale) venture in the country in partnership with the Bharti Group. After opening the 20th cash-and-carry store in India last year, the company halted its expansion, putting aside plans of new outlets, primarily due to uncertainties in the local market.

Even as the Cabinet permitted up to 51 percent FDI in multi-brand retail last September, Walmart is yet to make a proposal to the government for setting up retail stores in the country.