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bharti-wal-mart-call-off-india-joint-venture

Bharti, Wal-Mart call off India joint venture

New Delhi, Oct 9 (ANI): World's largest retail chain Walmart Stores Inc and Sunil Mittal-led Bharti Group have called off their six-year old alliance in India and will own and operate separate businesses in the country. Wal-Mart, tied up with Bharti in 2007 and had been the most vocal proponent of prying open India's restrictive retail market to foreign supermarket operators. However, its growth in India has been hindered by still-evolving rules on foreign investment, an internal bribery probe, and, more recently, the faltering partnership with New Delhi-based Bharti. Under terms of their breakup, Wal-Mart will acquire Bharti's 50 percent stake in Bharti Wal-Mart Pvt Ltd, which runs about 20 wholesale stores in India under the Best Price Modern Wholesale brand, and will run the business independently. Oct 9, 2013
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