Walmart CEO writes to PM, seeks stable business environment

NEW DELHI | BENGALURU: Walmart chief executive Doug McMillon has written to Prime Minister Narendra Modi, seeking certainty and predictability in India’s business environment, people familiar with the matter said.

Changes in foreign direct investment rules for ecommerce marketplaces late last year had upset Walmart-owned Flipkart and rival Amazon, and forced them to overhaul their business models. Walmart was particularly disappointed because the changes had come just months after it paid $16 billion to acquire Flipkart. The local units of both US companies are now also facing probes over their alleged roles in predatory pricing that small retailers claim was forcing them out of business.