Magazines Archives - 2007 May
Bharti, Wal-Mart to seal JV deal
AMID the political controversies in India over the entry of foreign retailers, Bharti Enterprises and Wal-Mart Stores Inc are in the final stages of closing their joint-venture deal. Bharti Enterprises will invest more than US$2 billion over the next few years, promising benefits to consumers and producers as well as potential investors across several sectors in the Indian economy.
Despite the governments concerns and tight regulations over foreign direct investments, Bhartis group chairman, Sunil Mittal, confirms the joint venture, stating that the two companies are looking into possible sites for the first outlet to be opened early next year.
Bharti will run the front-end of the JV operation, which has yet to be named, Mittal said. With plans for approximately 10 million sqf of retail space, the Bharti-Wal-Mart venture will include hypermarkets and supermarkets its portfolio, while franchising smaller store formats to existing local vendors.