Deals
Walmart to Comply With Tax Rule on India Flipkart Deal, CEO Says
- Looking for synergies with Flipkart’s payment ecosystem
- Focus on both wholesale and online retail business in India
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Walmart Inc. will comply with any tax demand arising from its purchase of a stake in India’s e-commerce leader, a move that could help the global giant avoid festering litigation that overseas companies such as Vodafone Group Plc face in the South Asian nation.
“Our intent is, whether looking backwards related to our acquisition here or looking forward, we will be compliant with whatever the tax rules are,” Walmart Chief Executive Officer Doug McMillon told reporters in New Delhi. The world’s biggest retailer led a group that bought a 77 percent stake in Flipkart Online Services Pvt. in a deal valuing the Indian company at about $21 billion.