Raj Jain departs abruptly

The CEO of Wal-Mart Stores’ Indian joint venture has left his post after six years at the helm. Jain, who led Wal-Mart’s business in India for the last six years, has left at a time when the company is dealing with government and internal investigations, and is struggling to gain a foothold in the country’s crowded and highly competitive retail market, which also places many restrictions on foreign players. In November last year, Wal-Mart suspended several workers at Bharti Walmart as part of an internal corruption investigation. At the time Bharti Walmart said that it suspended “a few associates’’ and was committed to conducting a complete and thorough investigation. The company has named Ramnik Narsey, senior vice president for Wal-Mart International, as interim head for Bharti Walmart, a joint venture with India’s Bharti Enterprises. His appointment is effective immediately. Narsey joined Wal-Mart Stores Inc. last month. He previously served as chairman and CEO of Woolworths India. Wal-Mart has been trying to expand in India, a giant market that is relatively untapped by foreign retailers. But the Bentonville, Arkansas, company has hit some bumps along the way. The company is also facing a probe for allegedly violating the country’s foreign exchange norms and has been accused of “clandestinely and illegally” investing $100 million in India’s retail market through Bharti Enterprises from 2010. Wal-Mart operates 20 retail locations and 20 wholesale shops in India through its joint venture. “We remain optimistic about our business in India and look forward to our future in India under Ramnik’s leadership,’’ Scott Price, President and CEO of Walmart Asia, said in the statement. Wal-Mart, which has run wholesale stores in India since 2009, lobbied for nearly six years to enter the retail segment. In September last year, India finally allowed global supermarket operators to set up 51%-owned retail outlets. But no international chain has come forward to apply for a licence as the rules have continued to evolve.