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Strategies & Market Trends : New India

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From: kumar	11/27/2006 6:05:23 AM
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Wal-Mart to enter Indian market US supermarket giant Wal-Mart is to enter the Indian retail market after announcing a joint agreement with India's Bharti Enterprises. The two companies said they had signed a deal to "jointly explore business opportunities" in India. Bharti chairman Sunil Mittal said the two companies intended to open "several hundred" stores across India under the Wal-Mart brand name. Wal-Mart's deal comes after Britain's Tesco ended talks with Bharti. It is going to be a large investment, we are going to be a big player in this market Bharti boss Sunil Mittal Tesco had hoped to reach a similar deal with Bharti, but its negotiations ended without agreement last week. Bharti had also spoken with France's Carrefour and Germany's Metro, according to reports. Fast-growing market The Bharti joint venture is a huge opportunity for Wal-Mart to gain a foothold in a market analysts expect will double in value to $637bn (£330bn) by 2015. "Wal-Mart was keen to get into India. I think they have chosen the right partner," said Mr Mittal. "It is going to be a large investment, we are going to be a big player in this market." Large overseas retailers such as Tesco and Wal-Mart are currently barred at the retail level in India, but not in the wholesale market. Mr Mittal said the deal with Wal-Mart complied with existing government rules, suggesting Wal-Mart will handle the supply side of the operation, while Bharti will run the stores. Bharti is a well-known brand in India, offering mobile phone services to more than 24 million users. Story from BBC NEWS: news.bbc.co.uk Published: 2006/11/27 08:23:59 GMT © BBC MMVI

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