Markets: Eerie calm

Markets: Eerie calm

it is not clear when market sentiment can change; as in the past, it can be quite sudden.
At a turn and yet not

At a turn and yet not

RBI could be tempted to cut policy rate to support growth at its bi-monthly review.

Bharti ropes in former Walmart India head Raj Jain as Group Advisor

Oct 09 2013, 20:40 IST
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Raj Jain joining Bharti comes in the backdrop of Walmart exiting JV with Indian company . Reuters Raj Jain joining Bharti comes in the backdrop of Walmart exiting JV with Indian company . Reuters
SummaryWalmart had replaced Raj Jain in wake of corruption allegations.

Former Walmart India head Raj Jain has been roped in as an advisor by the Bharti Group, which today parted ways with the US retail giant to operate stores independently in India.

"The appointment will be effective soon, but I cannot share the details of my role right now," Raj Jain said. A Bharti Group spokesperson confirmed the development.

In June, Walmart announced a top-level change in its Indian operations, with Ramnik Narsey replacing Raj Jain.

At that time Walmart had not specified the reason for Raj Jain's departure from the company. The development came in the backdrop of investigations by Walmart over allegations of corruption against it in foreign markets, including India.

In 2012, Bharti Walmart had suspended five executives, including CFO Pankaj Madan, who later quit the company. Madan joined Bharti Airtel's global finance team earlier this year.

Jain had joined Walmart in 2006 and was named head of Walmart India in 2007. During his tenure, the company set up the wholesale cash-and-carry joint venture with Bharti Enterprises, back-end services and consulting businesses.

The Enforcement Directorate has also been probing the Rs 455.8 crore investment by Walmart in Cedar Support Services Ltd, a subsidiary of Bharti Ventures, for alleged violation of norms.

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