Wal-Mart to enter India through joint venture

Wal-Mart to enter India through joint venture    An elusive foreign market for Wal-Mart appears within reach for the Arkansas-based global retail giant.
   Indian news outlets and wire services reported Monday that Bharti Enterprises has tied up a 50-50 joint venture with Wal-Mart.
   “While foreign retailers are not allowed to open stores in India that stock more than one brand, Wal-Mart, with $315 billion in revenues, will manage procurement, inventories and logistics,” the Times of India reported. “The Indian partner will set up stores under a franchise arrangement,” said Rajan Mittal, Bharti joint managing director. Bharti said it would open several hundred stores starting next year, but the details, including the size of investment and branding, are still to be finalized.
   Bloomberg reported Monday that Bharti had been considering a tie-up with U.K. retailing power Tesco, but eschewed that opportunity for a deal with Wal-Mart. The arrangement, it is surmised, could force the Indian government to revamp its foreign ownership laws.
   According to Bloomberg, Mittal said in a press conference that the two companies plan to open the first store in September.