WMT Walmart Inc

   By P.R. Venkat 
 

Walmart Inc. (WMT) is laying off 56 of its employees in India as part of its corporate restructuring and to improve efficiency.

The 56 employees being laid off include eight in senior management roles and the remaining in the middle to lower management, Walmart India president and chief executive Krish Iyer said in a statement.

The U.S. retailer, however, said that it remains committed to growing its business-to-business cash & carry operations in India.

Walmart India has a total of 5,391 employees in the country.

Walmart said it had made significant investments in its brick and mortar stores as well as e-commerce and is heavily investing in the technology.

The company also denied reports that it was planning a second round of layoffs in April.

Walmart said it has offered enhanced severance benefits to the employees that have been laid-off.

In 2018, Walmart agreed to take control of India's largest e-commerce company Flipkart Group for $16 billion, as part of its strategy to enter one of South Asia's biggest consumer market.

Write to P.R. Venkat at venkat.pr@wsj.com

(END) Dow Jones Newswires

January 13, 2020 03:01 ET (08:01 GMT)

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