Iran ends free oil shipping to India, insists on being paid in euros instead of rupee
Iran, no longer under sanctions, has ended free shipping of crude oil to India and has terminated a three-year old system of getting paid for half of the oil dues in rupees. The Persian Gulf nation is now insisting on being paid in Euros for the oil it sells to Indian refiners. It also wants refiners like Essar Oil and Mangalore Refinery and Petrochemicals Ltd (MPRL) to clear nearly USD 6.5 billion of past dues in Euros, officials said. Iran had in November 2013 offered free delivery of crude oil to Indian refiners as tough Western sanctions crippled its exports. With shipping lines refusing to transport Iranian crude for fear of being sanctioned, Iran used its shipping line for the delivery and did not charge for transportation. “National Iranian Oil Company (NIOC) has written to Indian firms saying it will no longer be shipping oil for free,” an official said. “It will continue to ship the oil in its tankers but will charge a discounted tariff,” he said. The transportation fee will for now be less than half it takes to ferry oil from Iran. “May be in future this 50 per cent discount too may go,” he added. Iran however has continued with its liberal fiscal terms of offering 90-day credit period – i.e payment becomes due only after three months of invoice being raised. With US lifting sanctions in January, Iran has told Indian authorities that the three-year old mechanism of paying 45 per cent of oil import bill in rupees and keeping the remaining 55 per cent pending for payment channels to clear, stands terminated. The pending payments now total to nearly USD 6.5 billion which Iran has agreed to receive in instalments over the next six months, officials said. “NIOC is raising invoice for oil it is now exporting to Indian refiners in Euros,” he said. Since February 2013, Indian refiners like Essar Oil and MRPL paid 45 per cent of their import bill in rupees to UCO Bank account of Iranian oil company. The remaining has been accumulating, pending finalisation of a payment mechanism. With the lifting of sanctions, the payment channels will reopen and Iran is seeking the pending USD 6.6 billion in Euros. The payments would be done in instalments to prevent a run on the rupee with MRPL likely to be asked to clear its outstanding dues of close to USD 3 billion first. Indian Oil Corp (IOC), which owes over USD 580 million to Iran, may be the second in the queue followed by smaller payments by HPCL-Mittal Energy Ltd (HMEL) and Hindustan Petroleum Corp. Essar Oil may be the last to clear its about USD 3 billion dues. Officials said Iran has not yet decided on utilisation of the USD 3 billion which has accumulated in the rupee account with UCO Bank. It could use the money to make payments for imports of steel and other commodities from India.
Gulf oil lines up Rs 150 crore to expand lubricant business
Gulf Oil Corp is expanding its lubricant business in India with an investment of Rs 150 crore in setting up a plant in Chennai, as the Hinduja Group company sees opportunity emerging for value-added products driven by the Indian government’s push to cutting down emissions. While it aggressively expands its fuel retail business globally, the company has not yet looked at entering the Indian market for fuel retail. “It is amazingly brave and wise of India to accelerate the pace of implementing emission norms. It gives us the possibility to work on products that are more focused on fuel economy,” Frank Rutten, VP -international at Gulf Oil International, told ET.”The moment the legislation creates the right play ing ground, the industry immediately plays into it by offering renewable, fuel efficient products.” India recently set a 2020 target to implement BS VI emission standards, advancing its previous plan. The company plans to introduce products that will have “measurable benefits”. “When we talk about the growth rate that Gulf Oil is enjoying in India, it t will be necessary to expand the t production capability as the product portfolio is likely to get more t complex.The investment in Chennai alt lows us to have production infrastructu re that would match the upcoming product portfolio for the next 10 years,” he said. Gulf Oil in 2011singed up Indian cricket team captain Mahendra Singh Dhoni as its brand ambassador, which helped it create awareness among cus tomers, especially in the commercial vehicle (CV) segment. The company said it has a 7% market share in the Indian automotive lube sector, and is growing at a speed faster than its customer or its own growth rate in other economies.It is now making an international foray into fuel retail business. It signed up with Manchester United to become the English football club’s global sponsor and official lubricant-cum-fuel retail partner. “We recently entered Russia, Canada, Mexico, and would be entering 1020 countries this year. So we would definitely be interested in the second-largest country (by population) in the world. At the moment, given the regulation, there is a barrier in entering the Indian fuel retail market but the moment the barrier is gone, we would look at it,”Rutten said. Indian regulations state that a company which wants to enter the fuel retail business must invest or show propose to invest . 2,000 crore in petroleum ` infrastructure, which acts as a barrier for new entrants.
UD Ministry asks States to ensure launch of smart city projects by June end
Smart Cities selected in the first round of City Challenge competition and respective state governments were today asked by the Ministry of Urban Development to ensure launch of implementation of smart city projects by June 25th this year marking the first year of launch of Smart City Mission. Shri Rajiv Gauba, Secretary (Urban Development) spoke to the Chief Executive Officers of Special Purpose Vehicles set up for implementation of smart city plans and Municipal Commissioners of 16 Smart Cities and Mission Directors and senior officials of 9 respective state governments through video-conferencing and urged them to ensue launch of projects by June 25th. During the two hour long interaction, Shri Gauba reviewed the progress in respect of conversion of Smart City Plans of these cities into specific projects for tendering and awarding of works. Tamil Nadu, Kerala and Assam that account for the remaining four smart cities have been kept out of the review as assembly elections are in progress in these cities. Shri Rajiv Gauba ascertained progress by each city in respect of putting in place institutional mechanisms, transfer of central grants and share of respective states to SPVs, preparation of Detailed Project Reports for calling tenders etc. Each of the 16 cities furnished details of projects being prepared in respect of Area Based Development including Retrofitting and Redevelopment and ICT based Pan-city solutions. While urging the Smart Cities to ensure appointment of full time CEOs for the Special Purpose Vehicles, Shri Rajiv Gauba urged them to look beyond the IAS cadre given the shortage of officers and choose professionals for heading SPVs. On hearing the responses of different cities, Shri Rajiv Gauba complimented them for innovative thinking and initiatives like mobile governance, LED lighting, Smart Classrooms, Open Air Gymnasiums etc. Shri Naresh Kumar, Chairperson of New Delhi Municipal Council informed that substantial groundwork has already been done for the launch of projects by June this year. These include ; roof top solar systems, smart grids, e-Waste centres, 24 X 7 water supply and water quality sensors, mobile governance, multi-utility ducts, 20 MW Solar Power Plant, Smart Control Centre etc. He informed that a provision of Rs.400 cr for Smart City Project has been made in the Budget for this financial year. Cities that participated in today’s review are : Visakhapatnam and Kakinada (Andhra Pradesh), Belgavi and Hubbali-Dharwad (Karnataka), Pune and Solapur( Maharashtra), Ahmedabad and Surat (Gujarat), Jaipur and Udaipur (Rajasthan), Bhopal, Indore and Jabalpur (Madhya Pradesh), Bhubaneswar (Odisha), Ludhiana (Punjab) and NDMC. Under Smart City Mission, launched by Prime Minister Shri Narendra Modi on June 25 last year, the first batch of 20 selected smart cities have proposed a total investment of over Rs.48,000 cr over the next four years. central Government will provide an assistance of Rs.500 cr for each city while the respective States and urban local bodies will provide an equal amount. Rest of the required resources have to be mobilized through convergence of all schemes of central and state governments, PPP, Municipal Bonds and borrowings from financial institutions.
India and South Korea sign MoU for Cooperation and Mutual Assistance in Development of Ports
An MoU was signed by Shri Nitin Gadkari, Minister of Road, Transport and Highways and Shipping, Government of the Republic of India and Mr. Kim Young Suk, Minister of Oceans and Fisheries, Government of the Republic of Korea in Mumbai today. The South Korean delegation led by Minister Kim is in Mumbai to participate in the Maritime India Summit, 2016 (MIS, 2016). This MoU is for cooperation and mutual assistance between India and Republic of Korea in port related matters.The Union Cabinet has approved the proposal of the Ministry of Shipping for signing of this MoU on 06.04.2016. It is recalled that MIS, 2016 is a maiden flagship initiative of the Ministry of Shipping, Government of India that provides a unique platform for participants to explore potential business opportunities in Indian Maritime Sector. MIS, 2016 is being organised from April 14-16, 2016 at Mumbai and will have conference, exhibition and demo sessions. Republic of Korea is the Partner Country of MIS, 2016. A delegation of over 100 participants from South Korea are attending the Summit. The signing of the MoU is expected to help both countries to encourage and facilitate the development of ports, port related industry, maritime relationship and cooperate in the tasks of sharing of technology, experiences in the fields of port development and operation, exchange of information on construction, building, engineering and related aspects in the field of port development, Joint participation in port-related construction, building and engineering projects that both parties are interested in, exchange of experts including officials from the relevant ministries of each country in the field of port, and related education and training, other types of cooperation that may be mutually agreed upon between the two countries.
Ministry exempts domestic cargo from Customs documentation
As India proved to be the fastest growing larger economy in the world, investors and traders have great opportunity to expand their business and grab the market, according to K N Raghavan, Customs Commissioner, Kochi. To promote more sea transportation, domestic cargo is fully exempted from Customs documentation by the Shipping Ministry. Cargo vessels moving through the coastal berths need not keep Customs documents, according to a govenrment circular. Instead the details can be recorded in the advice book kept in the vessel. He was speaking at a seminar on promoting trade and investments with BRICS countries by FICCI and BRICS Council jointly in cooperation with Exim Bank and State Bank of India. Speaking on the occasion, N Shankar, Executive Director, Exim Bank, expressed hope that the upcoming BRICS Summit at Goa in September would boost the trade between BRICS countries, R Muthuraj, Joint Director, Foreign Trade, Kochi, spoke on the various aspects for promoting trade between BRICS countries from the prospective of DGFT. K B Rajan, President, Indian Chamber of Commerce and Industry, Alex Nainan, Vice-President, Seafood Exporters’ Association of India, Kerala Region, K K Pillai, Cochin Exports Processing Zone Industries Association, and Savio Mathew, Head, FICCI Kerala State Council, spoke.
Trademark violations not taken seriously: INTA global CEO
The main concern of global brands in relation to India are the challenges relating to Indian laws. The International Trademark Association (INTA), which is a global body of trademark owners with 6,700 members across 190 countries (including India), is actively engaging with the Centre for the drafting of a voluntary code of best practices in combating counterfeits in electronic commerce. INTA global CEO Etienne Sanz de Acedo was in India recently. Excerpts from an interview: The Indian government is committed to the ‘Make in India’ program. In the area of protection of intellectual property – such as trademarks, which are some of the steps that the Indian regulatory authorities could take? Any steps to encourage domestic manufacturers to protect their intellectual property, particularly trademarks, and to promote easier access to the registration system would go a long way in promoting trademark protection in India. At the same time, processing of trademark applications should be handled with greater transparency and efficiency. INTA has observed and acknowledged several concrete measures that have already been taken by the Department of Industrial Policy and Promotion (DIPP) and the Controller General of Patents Designs and Trademarks (CGPDTM) in this regard, especially with the enhanced staffing of the IP offices, speedier examination of applications and enhanced digitization of records. In terms of the statutory framework and physical infrastructure, India is making notable improvements to safeguard the rights of trademark owners. What holds back the Indian trademark regime from functioning optimally are gaps in its human resources. The main issues are twofold: one, there is a huge backlog at the IP office and two, there is lack of optimally trained staff to handle the backlog effectively. Some notable steps have been taken to address issues relating to human resources. For example, the Rajiv Gandhi National Institute of Intellectual Property Management has developed several training modules specifically for Registry officials. It has been encouraging to witness increasingly amiable, frequent interaction and collaboration among the Registry, brand owners and trademark lawyers. Often stakeholders are invited to provide suggestions on how to tackle issues arising in trademark registration and protection. We understand that counterfeiting is a major concern of many global brands, but certain sections of India’s Trade Marks Act, 1999, impede effective criminal IP enforcement. Your take? The provisions of the Act seek to arm law enforcement agencies to effectively assist brand owners in combating counterfeiting. However, requirements of some provisions such as Section 115 (4) often hinder ongoing criminal investigations. This provision mandates that a police officer investigating certain offences under the Act must obtain an ‘opinion’ from the Registrar of Trade Marks (TMR) on the facts involved in the case before conducting a search and seizure operation. While the intent behind this requirement is to provide the investigating officer with the correct facts, in reality the provision has led to delayed and unsuccessful actions. As there is no designated officer in the TMR tasked with issuing this opinion, it is not received within the stipulated period of seven days and in some cases, is not received at all. As a result, trademark owners are actually discouraged from enforcing their trademarks. INTA supports the recommendations for the government to correct the statute so that it aligns with global best practices. Finally, penalties for counterfeiting under the provisions of the Act, which include imprisonment for a term of 6 months to 3 years with a fine of Rs 50,000 or Rs 2 lakh do not serve as an adequate deterrent. There is also reluctance among courts to mete out the prescribed imprisonment even in cases of conviction, partly because IP violations are not taken as seriously as other offences under the Indian Penal Code. Greater awareness and education on counterfeiting’s transnational nature, ever-growing contribution to organized crime, terrorism and socio-economic impact may serve well in the long term to address this issue. In the context of the problematic issue of counterfeiting, could you highlight a few key initiatives undertaken by INTA’s India chapter? India is on the verge of becoming a global economic powerhouse. With the National Intellectual Property Rights Policy expected to be released soon and great enthusiasm surrounding the government’s ‘Make in India’ initiative, this is an exciting time for the country and for the global trademark community. INTA is part of a working group announced by India’s customs commissioner in February for the drafting of a voluntary code of best practices in combating counterfeits in electronic commerce. INTA has also been in discussions with the department of industrial policy and promotion (DIPP) and controller general of patents, designs and trademarks (CGPDTM) in relation to collaborative trademark examiner seminars and children’s education on IP. We are working to develop joint programming and projects with global and Indian IP and industry associations on pertinent issues, such as curbing counterfeiting in India. This year, INTA also plans to launch its global anti-counterfeiting initiative, the Unreal Campaign, in India, aimed at creating awareness especially among students (aged 14-18) about the dangers of counterfeiting and the importance of trademarks. The programme will reach out to teens through online activities and direct school engagement. Which are some of the best global practices that India could adopt as a move towards a more robust regime for protection of trademarks? One of the most important areas where the TMR could adopt global best practices is the examination of trademark applications. To illustrate, a more qualitative examination process may result in a speedier decision on the registrability of trademarks and a reduction in costly, resource-intensive hearings. Telephonic hearings and electronic document services could further reduce costs and save time. On the judicial front, INTA is hopeful that the newly established commercial courts will boost the quality and speed of IP adjudication across the country.
No coercive steps against liquor manufacturers in Bihar: High Court
In a relief to liquor manufacturers in Bihar, Patna High Court today directed the state government not to take any coercive action against them for keeping a stock of liquor. A division bench of justices Navaniti Prasad Singh and Chakradhari Sharan Singh passed the interim order on a bunch of petitions by liquor manufacturers, bar owners and others challenging the state government’s decision to ban sale and consumption of alcohol in the state. It passed the order following the undertaking furnished by Principal Additional Advocate General Lalit Kishore, who appeared for the state government, that the government would neither destroy liquor stocks nor force the manufacturers take back those lying with state-run Bihar State Beverages Corporation Ltd (BSBCL) till the final disposal of the petitions. The government had earlier given an ultimatum to the manufacturers to take back their liquor stock lying in the warehouses of BSBCL failing which all these stocks would be destroyed. The court, however, refused to grant a stay on the notification issued by the government which put a blanket ban on the manufacture, sale, consumption of liquor in the state. Posting the matter for hearing on April 19, the court directed listing of the matter before the appropriate bench for further hearing. The petitions were filed after the Nitish Kumar cabinet’s decision to impose total ban on sale and consumption of liquor, including Indian Made Foreign Liquor (IMFL) in the state with immediate effect on April 5. The petitioners who were represented by lawyers including Vikas Singh, Y V Giri, Satyabir Bharti and Ibrahim Kabir told the court that the New Excise Policy (NEP) clearly talked about imposing ban on alcohol in a phase wise manner. The state government followed the policy of phase-wise ban on country and spiced liquor from April 1, but not in the case of IMFL. Bar operators had taken licence for the entire financial year of 2016-17 after depositing the requisite fee as well as tax and also purchased IMFL to be sold in the state but the government imposed a complete ban on April 5, they contended. The petition described the penal provision in the Amended Excise Act of Bihar, which was passed in the state legislature on March 30, as “draconian, arbitrary and mala fide” as it violated Article 14, 19, 21 and 22 of Constitution. Under the Act, if anyone is found manufacturing or trading illicit liquor that causes death in the state, the person would be awarded with up to capital punishment.
Wipro’s consumer business may touch $1 billion by next year
Wipro’s consumer care and lighting business expects to touch the $1-billion revenue milestone by next year, even as the company cuts down on underperforming brands across all its major geographies and focuses the majority of its resources towards growing flagship brands such as Yardley and Santoor, a top company executive said. In an interview, Wipro consumer care and lighting CEO Vineet Agrawal said that the company had also been grappling with the negative impact of currency fluctuations over the past year or two and hence had been slightly delayed in reaching the $1-billion mark. For the latest fiscal, the company expects to end with about Rs 6,000 crore (about $901 million) in revenue. The company currently generates about 51% of overall revenues from international markets. “In the next one year, we should hit that ($1 billion) figure. Next year we should, unless something happens to the currency. Last year we could’ve hit that number if the currency had stayed stable,” Agrawal told ET. “For example, the Malaysian currency crashed — the average currency impact last year versus the US dollar was about 20%. So, that was a big impact on business.” Wipro Consumer Care and Lighting, which demerged from Wipro’s core IT business in November 2012, has over the past few years also cut down on a number of its brands and products, as the company wants to focus on select flagship brands. “For example, when we took over Unza we had 48 brands. We’ve brought it down to 22. That’s been a big cutdown. That’s overall. But in each country, we-‘ve cut down — for instance, in Middle East we used to have 7-8 brands. We’ve cut down to 1. And now we’re adding two more. And in Unza, we’ve actually grown revenues not by adding brands, but by deleting brands,” said Agrawal, who took charge of Wipro’s consumer business in 2002. “We’ve cut down on brands to ensure we get more focused and grow them by doing a focused strategy rather than spreading ourselves thin,” he said. Wipro acquired Singapore-based Unza in 2007 for $246 million. Wipro’s Santoor brand currently holds the number 3 position in the market, Agrawal said.
From Gurgaon to Gurugram: Here’s why corporate citizens are resisting the name change
Take a city called Gurugram. Consider that its high end residential hubs are called Wellington, Oakwood, Carlton, Bel Aire, Labarnum, Beverly Park, Hamilton Court. And that it hosts swanky office complexes of Coca-Cola, Pepsi-Co, Google, Microsoft, Intel, IBM, SAP, Qualcomm and many other MNCs. Is there a branding dissonance here? Will Gurgaon lose something upon being renamed? Yes, say many company heads, companies and residents of high-end properties. This strong argument from Saurabh Srivastava, co-founder, Indian Angel Network, is representative of corporate high flyers’ response to Gurugram: “To put it mildly, it’s a silly idea and does not add any value… Whoever you are attempting to impress with this change will certainly not think of you as smarter people. Any impact it will have on business or anything will be negative.” Aditya Ghosh, president, IndiGo, was as strong in his critique: “It’s a pea-brained idea. It kills the brand that has got built around the world.” Srivastava’s point that Gurgaon as a brand had its own unique identity is echoed by MakeMyTrip’s boss Deep Kalra, who also flagged unnecessary cost as a negative: “This is not a good idea, since it will cause unnecessary confusion for all for years to come…It’s a total waste of government and corporate money, which I am sure will run into hundreds of crores over time. All documentation, signages on roads, metros, listings, websites etc will need to change. Gurgaon has been established as a hub for corporates, both international and Indian; makes little sense to try and change the name…” Adman, television talking head and columnist Suhel Seth called the renaming an “epic mistake”. “There should be logic to this. Just to invoke Hinduism…they can’t change names like that,” he said. PepsiCo India CEO D Shivakumar was one of the dissenters, arguing the “government decision to rename” will not make any difference as the city will thrive thanks to its “ecosystem of companies and a large talent pool”. “I do not think it makes any difference to business or industry,” RC Bhargava, chairman, Maruti Suzuki, said, arguing the renaming is irrelevant. But a senior executive of a leading American MNC said Gurugram will have even less “meaning” for Western corporate heavyweights than Gurgaon. “Our HQ people found it hard to relate to Gurgaon… Gurugram will defeat them.” Radhika Aggarwal, Chief Business Officer, Shopclues, said she found “no point in the name change” and that renaming will “add confusion”. Many senior corporate executives, for whom Gurgaon is a place of both work and residence, termed the renaming to Gurugram as “disastrous”. Their argument was that over the years Gurgaon had acquired a global and high-end cache despite being a “vernacular” name and that Gurugram will simply not have that brand sheen. Rajiv Talwar, CEO of Gurgaon-headquartered DLF, the real estate firm deeply involved with Gurgaon’s urban transformation, agrees with the loss of brand value argument, but in a different way: “Brands are in-built in our mind….who calls Connaught Place (a Delhi shopping hub) Rajiv Chowk…Most people don’t call Bangalore Bengaluru…” Talwar, however, reckons Gurugram’s many corporate and high-end residential complexes, places that gave Gurgaon its cache, will mitigate the impact of renaming. Another major real estate firm, which did not want to be identified, said there will be “some explaining to do to foreign investors” about Gurugram but Gurgaon’s attractions may not dim. Most real estate players said the subbranding of luxury apartment of complexes – the Carltons, Okawoods, Labarnums etc – will keep the impact of Gurugram at the minimum. Globalisation-friendly branding for high-priced properties will operate in their own space, distinct from the messaging from Gurugram – that’s the argument and hope of big property developers. Abraham Koshy, professor, marketing, IIM-Ahmedabad, said Gurugram will take a long time to take hold as a new name in the minds of people. But, interestingly, he also said the new name can become a plus: “It is the village of teachers. With its credentials, it’s like saying we are the teachers to the world. If carefully utilised, it can be a big plus.” But here’s something Haryana’s BJP Chief Minister, Manohar Lal, may want to consider. Some astrologers reckon ‘Gurugram’ is unpropitious. Bejan Daruwalla, one of India’s best-known astrologers, said the name change is “wrong”. “The earlier name had Jupiter on its side and this one does not. Jupiter is the planet that brings good luck, prosperity and wealth. The new name also has stagnation planets, Rahu and Ketu, on its side. There is no positive vibe one gets from the new name,” Daruwalla said. Perhaps the CM can draw comfort from Bhavesh N Patni, head astrologer for GaneshaSpeaks. com, who says in numerological terms, Gurugram’s “soul number” is 7, and that means there’ll be “a rise in spirituality among its dwellers”.
Graft inquiry: Walmart gets limited reprieve from Delhi HC against CVC
Walmart Stores Inc won a limited reprieve from Delhi High Court last week, having approached it over the Central Vigilance Commission (CVC) seeking to initiate criminal proceedings against the local unit of the retail giant for allegedly delaying an inquiry into possible bribery. In his April 5 interim order, Justice Rajiv Sahai Endlaw said “no criminal complaint as threatened be filed against the petitioner/its officials till the next date of hearing”. The case is listed for May 5. Walmart told the court it had been cooperating with the inquiry even though it doesn’t believe CVC has jurisdiction over the matter. The court order sought to clarify this, while adding that the origin of the matter a newspaper report – was a crucial factor. The relevant section of the CVC Act empowers the agency to investigate complaints against executives under the Prevention of Corruption Act, it said. However, the summons of October 29, 2015, “does not refer to any complaint but to allegations of bribery of Indian official by petitioner reported in the Wall Street Journal. Prima facie that would not constitute a ‘complaint’”. The order said the CVC had in a March 29 letter “asked the chief executive officer (CEO) of the petitioner (Walmart India Pvt Ltd) to furnish the information mentioned therein and threatened the petitioner with criminal case for noncompliance thereof “. CVC had started the inquiry in October following the newspaper report which said the US retail giant had spent millions of dollars – mostly in small payouts of $5 to $200 – to bribe government officials in India to obtain Customs clearances and permission to open and run stores. A person with knowledge of developments said Walmart had lately been indulging in delaying tactics, “compelling” the anti-corruption watchdog to consider registering a criminal complaint. Vigilance Commissioner TM Bhasin could not be reached despite repeated calls to his office. A Walmart India spokesperson said the company wouldn’t comment on the case. “As you may be aware, the matter is sub judice and hence it would not be appropriate for us to comment on this,” the person said. “Walmart is committed to operating in a responsible and legal manner, wherever we do business. And compliance with anti-corruption laws in the US and all international markets including India is a key priority.” The Bentonville-based giant, which operates a chain of wholesale stores in India, was mired in corruption allegations in 2011 when it emerged that its Mexico unit had bribed government employees to help the company’s biggest overseas subsidiary grow faster. The Mexico scandal prompted Walmart to review and strengthen its anti-corruption compliance programme in various countries including India. Walmart shifted its focus from doing business in the country to seeking out possible violations of the Foreign Corrupt Practices Act, a US law that prohibits American listed companies from bribing government officials abroad. Walmart subsequently unwound its ties with partner Bharti Enterprises in October 2013. Currently, Walmart runs the wholesale-store chain as a fully-owned subsidiary. Bharti merged the Easyday chain in May 2015 with Kishore Biyani’s Future Group.