Walmart CEO Doug McMillon went on a two-day trip to Bangalore, India and said his company is committed to the Indian market, and that the country presents a huge opportunity, according to reports.
The company, which acquired Indian e-Commerce outfit Flipkart nearly a year ago, also stated a level playing field for all businesses is important for economic growth in the country.
With McMillon on his trip to India were Executive Vice President for Corporate Affairs Dan Bartlett and Executive Vice President and Regional CEO, Asia Dirk Van den Berghe. They met with Walmart leadership executives in the area.
McMillon made his remarks at a town hall meeting with employees, the report stated.
McMillon was asked about the changes to India’s market, such as the regulations put in place on February 1 that prohibited online marketplaces like Amazon and Flipkart from selling products from companies they had a stake in, as well as the banning of exclusive marketing agreements that could affect price.
He said Walmart operates throughout multiple countries and that it complies with laws pertaining to those specific markets. He reiterated that a level playing field is important and that it’s something companies seek out.
He also said he was satisfied with how Flipkart was doing in the country, and he said it has the full backing of Walmart, which is pushing aggressively in the country because of the large opportunity it represents.
When the regulations were first announced, Walmart expressed displeasure but stated that it hoped for a more collaborative regulatory process moving forward.
McMillon praised Flipkart for its progress and prominent position in the e-Commerce market. Flipkart Group Chief Corporate Affairs Officer Rajneesh Kumar said McMillon’s trip was a chance to meet with employees in the country, according to the report.
“As part for the trip, he interacted with Flipkart’s leadership team and employees. He is delighted with the progress the team is making to take eCommerce to [the] next 200-300 millions customers in India, and bring a great selection through [the] right affordability construct to consumers in the country,” Kumar said.
Full Content: PYMNTS
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.
Featured News
Chamber of Commerce Sues to Overturn FTC Non-Compete Ban
Apr 24, 2024 by
CPI
FTC Chief Warns of Healthcare Price Fixing Risks Amid Tech Advancements
Apr 24, 2024 by
CPI
Amazon’s Investment in Anthropic Faces Antitrust Scrutiny
Apr 24, 2024 by
CPI
Italian Antitrust Authority Fines Amazon €10 Million for Unfair Trade Practices
Apr 24, 2024 by
CPI
Tuta Mail Raises Alarm Over Google Search Ranking Plunge Amidst DMA Rollout
Apr 24, 2024 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – Economics of Criminal Antitrust
Apr 19, 2024 by
CPI
Navigating Economic Expert Work in Criminal Antitrust Litigation
Apr 19, 2024 by
CPI
The Increased Importance of Economics in Cartel Cases
Apr 19, 2024 by
CPI
A Law and Economics Analysis of the Antitrust Treatment of Physician Collective Price Agreements
Apr 19, 2024 by
CPI
Information Exchange In Criminal Antitrust Cases: How Economic Testimony Can Tip The Scales
Apr 19, 2024 by
CPI