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Walmart , Bharti part ways

PTI
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Photo: Ch. Vijaya Bhaskar
Photo: Ch. Vijaya Bhaskar

Ending speculations over future of their partnership, Bharti Enterprises and Wal-Mart Stores, Inc. said on Wednesday they are going separate ways for operations in the Indian retail sector.

Subsequently, 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.

In a joint statement, the companies said they have reached an agreement to independently own and operate separate business formats in India and discontinue their franchise agreement in the retail business. The agreement is subject to finalisation of definitive agreements and receipt of the requisite regulatory approvals, it said.PTI

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