DIPP To RS: No timeframe for ED Probe on Walmart

Department of Industrial Policy & Promotion (DIPP) today informed the Rajya Sabha that there was no time frame set for Enforcement Directorate (ED) probe on Walmart investment in cedar support services.

Walmart had invested Rs 456 crore in cedar in March 2010. The investment was reported to RBI in April 2010 and RBI had referred the matter to the ED.

Meanwhile Walmart CEO Michael Duke has expressed confidence that things will get worked out in India.

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"I still believe that in India, things will get worked out. I am confident that India has  a certain opportunity, to help both the farmers, those that are producing products for consumers, all the way through the supply chain to the consumer. I have travelled to India a number of times, and I will feel for the people of India. This is because the people of India are missing on the opportunity due to inefficiency of the supply chain and other challenges. However, I am patient and think that over time the process will get worked out in India," he reiterates.

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