Tuesday, August 7, 2007

Bharti and Wal-Mart signs agreement

Bharti Enterprises and Wal-Mart Stores have signed an agreement to
establish Bharti Wal-Mart Private Limited,a equal joint venture for
Indian cash-and-carry and retail back-end operations.

Under the agreement, Bharti and Wal-Mart will hold a 50:50 stake in
Bharti Wal-Mart Private Limited.

The first cash-and carry store is targeted to open by the end of 2008.
The venture would employ about 5,000 people in 7 years.
Foreign multiple brand retailers in India, one of the world's
fastest-growing consumer markets, are limited to cash-and-carry and
franchise or licence operations.
walmart Bharti


In addition, Bharti Enterprises' 100 per cent subsidiary Bharti Retail,
that will own and manage the retail stores, has entered into a franchise
agreement with Wal-Mart which will provide technical support to Bharti
Retail.

India's retail industry, valued at nearly $350 billion, is forecast to
double in size by 2015, with modern retail's share of that also quickly
increasing from about 3 per cent now.
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