MUMBAI: More than three dozen Walmart India executives who were recently laid off have written a letter to the US retailer’s headquarters in Bentonville, terming the layoffs unfair and unrelated to performance. The world’s largest retailer acquired Flipkart for $16 billion in 2018 to gain access to India’s $670-billion retail market. Soon, it bought out its partner’s 50% stake and terminated franchise and supply agreements related to Bharti’s retail business in 2013. Flipkart FarmerMart will sell locally produced items online and is also likely to sell through physical stores later.India allows 100% foreign direct investment (FDI) in food retail for locally manufactured items. Food is the only segment in which etailers can sell directly to consumers.

Source: Economic Times January 26, 2020 16:52 UTC