Reports that Walmart (NYSE: WMT) has set up a new company in India are false.
A Walmart spokesperson who corresponded with FierceRetail exclusively denied claims that the company filed documents for a business called Walmart India Private Ltd. on Jan. 15.
"Post the announcement in October 2013 by Walmart and Bharti Enterprises about running independent ventures, Walmart initiated the process of renaming the company in India. This is a process in any demerger and we have not set up a new company," noted the spokesperson via email.
It's unknown how or why reports of a new Indian venture surfaced earlier this week. Various sources cited the Ministry of Corporate Affairs in India as having documentation for Walmart's new company there.
Walmart's statement is the latest update in a years-long saga in which Walmart has attempted to enter the Indian market. The October announcement referred to by the Walmart spokesperson contained details about the dissolution of the company's joint effort with Bharti Enterprises of India to operate 20 wholesale "cash and carry" stores.
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