Wal-Mart to ink deal with Bharti opening first store in India next year

Wal-Mart Stores Inc, the world's biggest retailer, has said it is close to finalising an agreement with its Indian partner Bharti for a wholesale cash-and-carry venture and will open first store in India next year.

"We are in negotiations with Bharti and close to signing an agreement... We will announce details of the joint venture in a couple of weeks," Raj Jain, President (emerging markets) of Wal-Mart International, said.

He said the company could place a proposal to this affect to its global board of directors soon.

The first cash-and-carry store was likely to be opened in the middle of 2008, he added.

"There is no major disagreement between Bharti and Wal-Mart," he said, when asked about the delay in finalising the joint venture. - DDNews India

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Posted May 2nd, 2007 by admin_huliq

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