Report: Indian Reserve Bank to rule on Wal-Mart probe

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.

Login or Register to post a comment.