DPIP asked to probe Walmart-Bharti deal

The Prime Minister's Office (PMO) on Thursday asked the Department of Industrial Policy and Promotion (DIPP) under the Commerce Ministry to look into allegations of violation of FDI norms by world’s largest retailer Walmart while entering into a deal with India’s Bharti.

The allegations were levelled by Communist Party Rajya Sabha MP from Kerala M P Achuthan during the winter session of Parliament, but the matter cropped up again when West Bengal Chief Minister Mamata Banerjee demanded annulment of the deal between the two companies.

The allegations levelled against the two companies is that they entered into an investment agreement in 2010, in violation of Indian FDI regulations.

The Rs 456 crore in investments by Walmart was done in Cedar Support Services Ltd, a company originally known as Bharti Retail Holdings.

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