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Will cooperate with Indian authorities: Walmart

Source : ANI
Last Updated: Fri, Dec 14, 2012 08:40 hrs

US retail giant Walmart has said it will cooperate with Indian authorities probing reports on lobbying by international supermarket chain to open the way for foreign equity in retail trade in India.

The Indian government announced to appoint a retired judge to hold the inquiry into reports on lobbying by international supermarket chain after reports appeared that

Walmart had lobbied with US lawmakers for the last four years to facilitate their entry into the Indian retail market.

It claimed that the company had spent 25 million dollars as per a report submitted in US senate. The amount is equivalent to Rs. 125 crore.

"We will be working to provide the authorities with relevant information," a Wal-Mart spokesperson said.

"The allegation that a routine US lobbying disclosure form reflects improper conduct in India is false. These disclosures have nothing to do with political or governmental contacts with Indian government officials.

"It shows that our business interest in India was discussed with US government officials ---along with 50 or more other topics during a three-month period," the spokesperson.

Earlier, Walmart had made it clear that no money was spent on 'Indian contacts ' after the Congress-led UPA Government was alleged by the Opposition parties of accepting money from American company.

The opposition parties created uproar in both houses of Parliament on Tuesday over reports of lobbying by Walmart to gain entry into India.

The government won a vote in both houses of Parliament last week on its decision to allow Foreign Direct Investment in multi-brand retail. (ANI)




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