Walmart Stores has invested $334 mn (Rs 2,025 crore at current rates) to end its retail partnership with Bharti Enterprises, according to media reports.
The report stated that the world’s biggest retailer paid $100 mn (Rs 606 crore) to acquire Bharti Enterprises 50 percent stake in its India wholesale joint venture, Bharti Walmart Pvt. Ltd. The joint venture ran 20 Best Price-branded cash-and-carry stores in the country. Both Walmart and Bharti are now planning for expanding the business independently, the report stated.
Walmart announced this month that it plans to add 50 Best Price stores in India in the next five years. According to a leading daily Walmart has established a new company called Walmart India and pumped in Rs1,328 crore in the Indian operations for a new start.
Recently, the US retailer announced the appointment of Greg Foran, president and chief executive officer of Walmart China, as the new president and CEO of Walmart Asia. Foran will succeed Scott Price who takes up the new role of executive VP, international strategy in Bentonville, Arkansas.