In a deal first talked about in February, Wal-Mart has inked an agreement that will bring it into India.
The equal joint venture, Bharti Wal-Mart Private Ltd., is for cash-and-carry, or wholesale, and back-end supply chain management, the companies said in a statement."We are pleased to be a partner in developing this sector which is set to become a significant engine of India's economic growth," Bharti Chairman Sunil Mittal said.
India's retail industry, valued at nearly $350 billion, is forecast to double in size by 2015, with modern retail's share of that also quickly increasing from about 3 percent now.
India allows foreign single-brand retailers to take up to 51 percent in a joint venture with a local firm, while multiple-brand retailers like Wal-Mart are limited to cash-and-carry, or wholesale, and franchise deals.
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