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Bharti to give details of tie-up with Wal-Mart in 10 days

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Bharat Matrimony

New Delhi Feb. 13 Bharti Group is planning to announce the details of its partnership with retail major Wal-Mart in the next 10 days. Senior executives from Wal-Mart are expected to be in India on February 22 for the same. This includes Wal-Mart Vice-Chairman, Mr Michael T. Duke.

Mr Duke is likely to meet the Commerce and Industry Minister, Mr Kamal Nath, and discuss the country's FDI policy in retail.

While India allows 100 per cent foreign direct investment in cash and carry retail and 51 per cent in single brand retail, a political storm erupted last week after the Congress Party President, Ms Sonia Gandhi, sought clarifications on Wal-Mart's proposed entry into India.

The US-based retailer has signed an MoU with the Bharti Group under which the Indian partner would open the front-end stores as the Wal-Mart franchisee. According to the Bharti Group Chairman, Mr Sunil Mittal, his Group's tie-up with Wal-Mart would reverse the perception that large retail chains would impact small store owners.

``We are looking at FDI not only in retail but across various sectors without displacing or replacing the present activity. It has to be incremental. We are also looking at different models and modules,'' Mr Kamal Nath told reporters here today after addressing a FICCI meeting jointly with the US Commerce Secretary, Mr Carlos M. Gutierrez.

More Stories on : Retailing | Bharti Tele-Ventures Ltd

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