Bharti, Wal-Mart defer launch of first wholesale store
Monday, 25 May 2009, 21:51 IST   |    1 Comments
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New Delhi: India's Bharti group and Wal-Mart, the world's largest retailer, have postponed the launch of their first cash-and-carry or wholesale store in Amritsar following the violence in Punjab over the death of a Sikh leader in Vienna. The launch was scheduled for Tuesday, but was deferred after a Sikh religious leader died in the Austrian capital Monday following an armed attack at a gurdwara the previous day. The incident led to widespread violence in Punjab. "We will come back with the rescheduled date shortly," said a joint statement of the two companies. The Bharti group, which has interests in telecom, retail, agro-trade and realty, had formed a 50:50 joint venture in 2007 with the US giant to launch a chain of wholesale stores in India. The stores will operate under the Best Price Modern Wholesale brand. Officials said more than a dozen such large stores, spread over 50,000 to 100,000 sq ft, were planned in the country over the next five years. They said only retailers who have a sales tax number would be served at these stores.
Source: IANS
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