Wal-Mart has tied up with India's Bharti Enterprises to enter the $250 billion Indian retail market.Sunil Bharti Mittal, chairperson of Bharti Enterprises, said: "This is an equal stake joint venture in areas where the government has allowed foreign investment in retail like cash and carry and logistics."
He went on to say, "The retail shops will be owned by Bharti under Wal-Mart franchise. And our aim is to offer lowest prices to the Indians everyday and hopefully we will roll out the first outlet in the next seven months."
Under existing Indian laws, foreign direct investment (FDI) is not allowed in direct front-end Indian retail, other than in single-brand stores. This means Wal-Mart cannot open multi brand outlets on its own in the country.
