The RBI has also referred alleged violation of the Foreign Exchange Management Act to the Directorate of Enforcement for investigation in regard to both Bharti Wal-Mart and e-commerce venture Flipkart Online Services.
The Wal-Mart President said having travelled to India a number of times, he "really feels for the people of India because the people of India are missing on the opportunity right now because of the inefficiencies of the supply chain and so many of the challenges."
Wal-Mart's heir John Walton died on Monday as the plane he was flying crashed near Jackson Hole Airport in Grand Teton National Park, Wyoming.
China has warned Wal-Mart not to take 'revengeful measures' against some of their local employees who have set up four trade unions over the past 10 days.
Welspun USA's e-commerce plans comes at a time when only 3-5 per cent of home textile sales in the US is ordered over the Internet. The New York-based company is targeting the mid to upper end of the American home textile market, pegged around $15-17 billion. A couple of established retailers such as JC Penny have built the online retail model over the last decade.
And the apparel units in Kinfra Park are working hard to be in the good books of Wal-Mart
Bharti Wal-Mart Pvt Ltd, the joint venture between Bharti Enterprises and retail giant Wal-Mart, opened its first cash-and-carry (wholesale) store in India at Amritsar in Punjab on Sunday.
Government to examine whether rules and regulations were adhered to in the Bharti-Wal-Mart retail deal, says Commerce Minister Kamal Nath.
There are allegations that Wal-Mart put money into the domestic multi-brand retail chain despite a ban.
In October, Wal-Mart called off its six-year-old partnership with Bharti Enterprises and decided to operate wholesale stores independently in India.
In a letter dated November 30, the PMO asked the commerce ministry to prepare a detailed note on the venture, in the anticipation that it would come up for discussion in Parliament.
In the subcontinent, Wal-Mart is aiming for slow and steady growth.
WalMart International President and CEO Doug McMillon said in Davios that the Indian government's concerns over allowing foreign direct investment in multi-brand retail were misplaced.
The city government will bring an amendment to the APMC Act for facilitating direct purchase of produce from farmers.
US retail giant Wal-Mart, which has signed a joint venture with the Bharti Group for wholesale cash and carry business, will restrict itself to technical support and training in Sunil Mittal firm's foray into retail.
The joint-venture's first wholesale store is expected to be opened by the end of 2008, Wal-Mart India President (Operations) Raj Jain had said.
Chairman and CEO of Bollywood Group Kamal Dandona said on Wednesday that he expects leading film makers and artistes to attend the award function which will he held in New York on May 26.
"The entry of other players in this segment will help in reiterating the benefits of the cash-and-carry concept to Indian customers," Metro India Managing Director Martin Dlouhy says. It may be the first time anywhere in the world that Wal-Mart and Metro square off in the cash & carry format. Dlouhy's apparent nonchalance can't hide the fact that Metro may be facing one of its most difficult challenges in the country.
Bharti Group's retail venture in partnership with the world's biggest retailer Wal-Mart is going to be a low-key affair with its launch planned in phases over a period of time.
Wal-Mart and other retailers lobbied for years to gain access to India's market, lured by the promise of a middle class that will one day rival China's.
What is Wal-Mart? When was it set up? Who owns it? Read on to find out.
While both politicians tweeted about a slew of issues, they focused less on developmental issues related to the rural poor -- with Modi devoting a mere three per cent and Gandhi five per cent of his tweets to development, Abhijit Mazumdar, an assistant professor at Park University in Missouri said.
Altering traits does not endow us with the underlying genes, however, and over time, our gray roots show and our crow's feet come back.
Kerala-based Kitex Garments, the world's second-largest children's garments producer, has landed in trouble after sporadic violence at its workers' camp led to an attack on the local police, injuring at least five officers. The local police told Business Standard that at least 156 migrant workers were detained after the incident and around 50 have been arrested so far. A decision on any possible action against the company will be taken after the investigation.
In October, media reports suggested that the World's largest retailer Wal-Mart made "suspicious payments" totalling millions of dollars to local officials in India.
Wal-Mart Stores continues to top the Fortune 500 list.
Authorities didn't immediately say what may have prompted the incident in Amarillo, a city in the Texas Panhandle.
Congressman Elijah Cummings of Maryland and Henry Waxman from California, who are investigating bribery charges at Wal-Mart's Mexico unit, announced on Thursday they had documents which confirmed that Wal-Mart CEO Michael Duke and other high-ranking personnel were personally informed about the bribery allegations as early as October 2005, according to a CNN report.
With robust sales, the company bounced back to the top spot in the Fortune 500 list.
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