|  India's
Bharti Enterprises and US major Wal-Mart Stores Inc
Monday inked a memorandum of understanding (MoU) for
a 50:50 joint venture for a cash and carry and wholesale
retail chain that would see its first unit by 2008 end,
reports IANS.
The new entity will be called Bharti Wal-Mart Private
Ltd . It targets the opening of 10 to 15 such facilities
over the next seven years and is expected to employ
over 5,000 people.
'The Bharti Wal-Mart Private Ltd. joint venture would
serve kirana stores, fruit and vegetable resellers,
restaurants and other business owners,' Rajan Bharti
Mittal, managing director, Bharti Enterprises told a
press conference here Monday.
Refusing to give any financial details such as the
amount of investment that has gone into the joint venture,
Mittal said: 'This is a scalable business and there
has been a substantial amount of investment that has
gone into this venture and it would grow as the business
grows.'
'One of the key reasons for Wal-Mart's international
success is the fact that in every location we operate,
we are local. We source local products from local suppliers
that appeal to local tastes, needs and fashion,' added
Raj Jain, country president for Wal-Mart's India operations.
He said the US-based retail juggernaut had no immediate
plans to come into India's retail sector directly as
it is prohibited by Indian law.
Source: IANS
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