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Wednesday, Oct 9
Wal-Mart to end JV in India with Bharti
- Wal-Mart (WMT) is ending its Indian joint venture with Bharti Enterprises after six years.
- Wal-Mart will buy Bharti's 50% holding in Bharti Wal-Mart, which operates 20 wholesale stores under the Best Price Modern Wholesale brand. Bharti will acquire compulsory convertible debentures that Wal-Mart holds in Bharti-owned Cedar Support Services.
- The move doesn't come as total surprise given the speculation that Bharti wanted out. Wal-Mart has held back from further investment and store openings in India due to regulations, especially those to do with sourcing.