MUMBAI (Reuters) - Walmart Inc's
Walmart-owned Flipkart and rival Amazon were forced to overhaul their business models, having been upset by changes made late last year to rules governing foreign direct investment for e-commerce marketplaces.
In January, Walmart told the U.S. government privately that India's new rules were regressive and had the potential to hurt trade ties, Reuters reported https://www.reuters.com/article/us-walmart-india-exclusive/exclusive-walmart-told-u-s-government-india-e-commerce-rules-regressive-warned-of-trade-impact-idUSKCN1U620R, citing a company document.
In his letter to Modi, Chief Executive Doug McMillon highlighted Walmart's commitment to India, the ET report said https://economictimes.indiatimes.com/industry/services/retail/walmart-ceo-writes-to-pm-seeks-stable-business-environment/articleshow/71697579.cms. Reuters was unable to independently review the letter or obtain confirmation of its content.
Competing for customers ahead of festive season sales, Indian trade groups have recently stepped up opposition against foreign-owned e-commerce marketplaces.
(Reporting by Rupam Jain; Editing by Simon Cameron-Moore)