Payments News

Walmart expected regulatory changes, but disappointed it happened quickly: Brett Biggs, CFO

Mar 06, 2019
Walmart entered India in 2008 by setting up a joint venture with Bharti Enterprises, an Indian conglomerate, to open wholesale stores. 

MUMBAI: Walmart chief financial officer Brett Biggs said it anticipated regulatory changes in India but was disappointed it happened so quickly, referring to the foreign direct investment (FDI) norms in ecommerce that changed last month. 

"We will have legislation changes, we know that and you work your way through it. It is disappointing that you have a law like that changed that quickly, but we have made the adjustments and we are moving forward," said Briggs at Raymond James Instituti ..