We’ll come back once we have a strategy, says Rajan Mittal
Bharti Enterprises will decide on its future course of expansion in the retail sector once its ongoing process of separation with partner Walmart is completed, said company Vice-Chairman and Managing Director Rajan Bharti Mittal.
“We’re still in the process of separation (from Walmart). Once that is done, we’ll come back with a plan of action. We haven’t taken a decision as yet on what our strategy will be going forward,” he told PTI on the sidelines of ET NOW India Economic Conclave here.
Last month, Bharti Enterprises and Wal-Mart Stores Inc. announced that they were parting ways for operations in the Indian retail sector. As a consequence, the U.S. retail major will buy out the Indian partner from their 50:50 wholesale cash-and-carry joint venture, Bharti Walmart, for an undisclosed sum. The two partners had joined hands in 2007, and launched their first B2B Best Price Modern Wholesale cash-and-carry store in Amritsar in May 2009. They gradually scaled up the number of stores to 20 in different parts of the country.
When asked about Bharti Retail’s future plans post the break-up, Mr. Mittal said, “We’ll come back once we have a strategy.”
Bharti Retail Ltd. operates over 200 stores under the ‘Easyday’ brand across India.
Bullish on the Indian retail sector, he said: “I’ve always said that the retail sector in India has huge potential. So, there’s no doubt in my mind … that still remains.”