Walmart CEO Doug McMillon said the retailer plans to run its cash-and-carry business and online retail in India separately for some time and will explore the option of implementing Flipkart’s payments ecosystem. “Our intent is, whether looking backwards related to our acquisition here or looking forward, we will be compliant with whatever the tax rules are,” Walmart chief executive officer Doug McMillon told reporters in New Delhi. The world’s biggest retailer led a group that bought a 77% stake in Flipkart Online Services Pvt. Many were acquired during a buying spree from 1999 to 2009, but that era of aggressive flag-planting is long over. Today, its international business accounts for less than a quarter of Walmart’s total revenue, down from almost 30% five years ago.

Source: Mint May 10, 2018 10:52 UTC