India's Sunil Mittal has been adjudged Asia's Businessman of the Year by prestigious US magazine Fortune for steering his telecom business in the world's fastest growing wireless market.

In a lead article in its latest issue, Fortune said after establishing Bharti Airtel as India's number one mobile service provider, Mittal is now forging his "most audacious" foreign partnership yet.

"In November, he announced that Bharti will team with Wal-Mart to transform India's under-developed retail market," the report said.

The magazine said it was an easy choice to declare Mittal as Asia's top leader for his business acumen and some crucial agreements he has signed in recently.

Fortune said that on his new foray in retail sector, Mittal has disclosed he would open hundreds of stores over the next five years in various formats and predicted an investment of more than $1 billion.

Bharti and Wal-Mart, the world's largest retailer, will form a joint venture to take on back-end activities in which overseas investments is permitted, including wholesale, logistics, supply chain management and distribution.

The telecom venture is expected to announce a revenue of $4 billion by the end of this fiscal, up from $509 million in 2003, it said, adding Bharti Airtel has emerged as India's fourth most-valuable firm and Mittal one of India's richest men.

Ascribing much of his success to his refusal to tie up with other Indian firms, Mittal said: "It is very hard for two Indians to partner well."