Wal-Mart Indian venture delayed

NEW DELHI Wal-Mart's and Bharti Enterprises' joint effort to grow India's retail industry is taking longer than expected. According to reports, Bharti Enterprises chief executive told the audience at an Asia Society event in New York that real estate logistics was a main reason for the delay. He added, however, that the first stores should open next year.

On April 11, Wal-Mart and Bharti Enterprises announced their plans for a joint venture in cash-and-carry and back-end supply for Bharti's retail operations.

In February, Bharti Enterprises' retail subsidiary, Bharti Retail Ltd., announced its plans to invest at least $2 billion to develop India's retail industry by 2015. The company said it is looking at approximately 10 million square feet of retail experience across all cities in India with a population of over one million. The 60,000 people, it plans to employ, will include ex-servicemen and women and provide multi faceted career opportunities for youth of India.