Bharti seeks equal stake with Wal-Mart

NEW DELHI If the Indian goverment allows it, Bharti Enterprises plans to establish an equal stakes join venture with Wal-Mart Stores for its front-end retail operations, Bhartu chairman Sunil Mittal told reporters last week at an industry event.

Earlier this month, Bharti Enterprises and Wal-Mart Stores announced that they had enter into a joint venture for wholesale cash-and-carry and back-end supply chain management operations in India, in line with Government of India guidelines. Under the agreement, Bharti and Wal-Mart will hold a 50:50 stake in Bharti Wal-Mart Private Limited.

"If the government allows up to 26% FDI (foreign direct investment), we will have a 26% JV with Wal-Mart. But if the government allows 100%, then we'll have a similar arrangement (as our back-end retail joint venture with Wal-Mart)," said Mittal.