Wal-Mart and Bharti launch 50-50 joint venture in India

NEW DELHI: Telecom major Bharti and world's biggest retailer Wal-Mart Stores Inc today signed an agreement to form a joint venture for their wholesale cash and carry business.

The 50:50 joint venture would be called Bharti Wal-Mart Pvt Ltd. The first wholesale facility is targeted to be opened by the end of 2008. In the next seven years, 10-15 wholesale facilities are expected to be opened.

Each such facility would be spread over an area of 50,000-100,000 square feet. These would sell vegetables, groceries, fruits, staples, footwear, stationary, clothing, consumer durables and other products, Rajan Mittal, managing director of Bharti Enterprises told reporters here.

The companies, however, did not disclose the amount of investment in the business.

Raj Jain, country president Wal-Mart India said the wholesale venture would cater to all the retailers and not just Bharti Enterprises' upcoming retail stores.