Bharti Enterprises & Walmart have finally ended speculations over the future of their partnership..both the companies have called off their Indian joint venture Bharti Wal-Mart, bringing to end the troubled five-year saga of the company that runs wholesale (or cash-and-carry) stores called Best Price Modern across India.
This partnership has the allegations of breaking Indian investment rules and mismanagement, and also bad timing.The break up of this joint venture was in the air since a long time but no official statements were being disclosed by both companies.But now In a joint statement, the companies said they have reached an agreement to independently own and operate separate business formats in India and discontinue their franchise agreement in the retail business.
As of now, this development implies that the $440-billion American chain will not open retail stores in India anytime soon, a matter over which the entire political class has been divided. It is also a signal that world business leaders lack confidence in the Indian policies at a juncture when the country requires foreign investment.
Bharti will, for its part, acquire the debentures held by Wal-Mart in Cedar Support Services, the holding company of Bharti Retail Ltd that runs the Easyday chain of retail stores. The debentures were sold, and indirect control and management ceded to Wal-Mart by the Indian company at a time when foreign direct investment (FDI) wasn’t allowed in supermarkets (or so-called multi-brand retail).
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