Joint venture with Wal-Mart is imminent

Monday, 30 July 2007, 07:00 Hrs
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New Delhi: Telecom-to-retail group Bharti Enterprises Monday said the creation of a joint venture with US retail juggernaut Wal-Mart, which is set to come to India, is very much on the cards.

"Work is on, people are being hired, land is being seen ... launch of a joint venture is imminent with the roll-out (of stores) being slated for next year," Mittal told reporters on the sidelines of a conclave organised by the Confederation of Indian Industry (CII).

He said both the parties were engaged in various legal and licensing issues, "There are no problems with the legal issues; however, real estate pricing is a concern."

Bharti Enterprises' wholly owned subsidiary Bharti Retail had signed an agreement with the US retail behemoth last year in cash-and-carry segments like wholesale trade and support-related areas like cold chains, logistics and transportation, where the government allows 100 percent foreign direct investment.
Source: IANS
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