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• Walmart announced that Raj Jain, president of its operations in India, has left the company. No reason was given for his departure.

He is being replaced, on an interim basis, by Ramnik Narsey, senior vice president for Walmart International.

The Journal writes that " Jain's departure comes as Wal-Mart is facing headwinds in its efforts to build its business in India, a cornerstone of the company's foreign expansion plans. The Indian government announced last fall it would allow foreign operators to invest in Indian supermarkets for the first time, holding up to 51% in local ventures. Wal-Mart said it planned to open a slew of new stores in the country of 1.2 billion people.

"But a number of Indian politicians have opposed liberalization of the sector, saying it will hurt Indian mom-and-pop stores." And, Walmart has been accused there "of breaking foreign-currency rules through its investment in a joint-venture wholesale business in India, which has been allowed since 2006. The Finance Ministry currently is probing the accusation."
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