The US retail giant WalMart, which is the world’s largest company by market capitlaisation and the largest non-energy company by revenue, has said its India unit head Raj Jain has left the company and named Ramnik Narsey as the interim head."Ramnik Narsey, senior vice-president for WalMart International, will serve as the interim leader for WalMart's business in India, with immediate effect. He is replacing Raj Jain, who is no longer with the company," a WalMart statement said.
Narsey, senior vice-president for WalMart International, will serve as interim head, it added, without specifying why Jain left. Jain had joined the company in 2006 and was made the India head the following year. Jain's exit comes in the backdrop of investigations following allegations WalMart has bribed government officials in the country to get its business going. There is another probe against its investment in one of the business entities of its partner Bharti Enterprises. In March 2011, the US-based company had started a worldwide review of its policies, practices and internal controls for Foreign Corrupt Practices Act (FCPA) compliance.
The Enforcement Directorate has also been probing the Rs 455.8 crore investment by Walmart in Cedar Support Services, a subsidiary of Bharti Ventures, for alleged "illegal" investments and flouting of FDI rules under the FEMA and Prevention of Money Laundering Act Bharti Enterprises has, however, rejected the allegations that it had violated any rule in this regard. The company had said all the procedures were as per the "law of the land".
Jain had joined Walmart in 2006 and was named head of Walmart India in 2007. During his tenure, wholesale cash-and-carry joint venture with Bharti Enterprises, back-end services and consulting businesses were established. Narsey had joined Walmart in May 2013. Prior to this, he served as chairman and chief executive officer for Woolworths India. "Ramnik brings significant management and leadership experience to the role," Price said, adding, "we remain optimistic about our business in India and look forward to our future in India under Ramnik's leadership."
