Bharti Walmart will also go slow on planned rollouts of its cash-and-carry stores in the country until this investigation into violations of the US Foreign Corruption Practice Act reaches a conclusion.
Bharti-Walmart, the joint wholesale retail venture between Bharti Enterprises and the world's largest retailer Wal-Mart Stores Inc of the US, unveiled its sustainable agricultural programme at Haider Nagar village, near Malerkotla in Punjab.
Bharti Walmart on Monday denied allegations that it spent money in India to gain market access.
The company is a 50:50 joint venture between Bharti Group and US-based Walmart for wholesale cash and carry.
Bharti-Walmart Pvt Ltd, the joint venture between Bharti Enterprises and global retail major Walmart Stores, on Wednesday opened its first agricultural cooperative centre at Sirhind in Punjab.
Bharti Walmart is a 50:50 joint venture set up in 2007 between Bharti Enterprises and Walmart and is engaged in wholesale cash and carry trade.
As against the 2007 target of 10-15 stores in seven years, it is planning to touch around 25 cash and carry outlets in India by the end of 2012.
The Enforcement Directorate has been asked to investigate alleged violation of FDI regulations by e-commerce company Flipkart Online Services and cash & carry chain Bharti Walmart.
"We are interested in states like West Bengal, but the government does not seem enthusiastic about this.Currently, we are looking at states which are more proactive and have invited us in setting up this venture," said Rajan Bharti Mittal, vice chairman and managing director of Bharti Enterprises.
In its comment on the industry department's discussion paper on foreign direct investment in multi-brand retail, the joint venture between Bharti Enterprises and Walmart, said though 100 per cent FDI should be allowed in the sector, it would endorse a calibrated opening.
The company launched its first store in Amritsar in May, 2009.
Bharti Walmart Pvt Ltd will invest over $40 million (around Rs 180 crore) in India by March next year to set up to six new 'Best Price Modern Wholesale' stores to expand presence in the country.
Bharti Enterprises and US-based Wal-Mart Stores entered into a joint venture in August 2007 and started cash-and-carry stores named 'BestPrice Modern Wholesale' last year.
The two JV partners have undertaken an empowerment initiative for Indian women entrepreneurs, having set a target of impacting the lives of 25,000 women by 2016. They have also said they will substantially increase sourcing from women-owned businesses in India.
The Bharti Group, promoted by the Mittal family, had searched high and low for a foreign partner when it wanted to start its cash
The Walmart investigation is under the Foreign Corrupt Practices Act, and the company follows a global compliance programme in every country it operates in.
Bharti Walmart, the joint venture between Bharti Enterprises and Walmart, the world's largest retailer, is also expected to open cash and carry stores in the South in the next 12-24 months.
Former Walmart India head Raj Jain has been roped in as an advisor by the Bharti Group, which on Wednesday parted ways with the US retail giant to operate stores independently in India.
This could mean an end to the talks for a possible partnership between the two firms in the multi-brand retail space -- less than a year after 51 per cent foreign investment was allowed in the sector.
US retail giant Walmart has asked the government for more time to convert $100 million of debentures held in a Bharti Group unit, an investment that's being investigated for alleged violation of norms.
Walmart is getting embroiled in one controversy after the other in India. Political parties in opposition are already rallying against FDI in retail. Can it still manage to launch its retail business successfully in the country?
Bharti Retail on Friday announced appointments of former head of Walmart India Raj Jain as its CEO and Pankaj Madan, another senior executive of erstwhile joint venture Bharti Walmart, as Chief Financial Officer.
The move is likely to hit Bharti-Walmart, the 50:50 joint venture between the US' Walmart and Sunil Mittal-led Bharti Group that operates cash-and-carry outlets in India, the most.
While Walmart's 50:50 joint venture with Bharti Enterprises -- Bharti Walmart, is talking to the Punjab government to maintain and modernise slaughter houses in the state, French retailer Carrefour has adopted a municipal school located near its wholesale store at Seelampur in Delhi.
Selects Wipro, Collabera as vendors; total IT sourcing from India about $1 billion.
America's Walmart is likely to be the first overseas chain to enter the $590-billion Indian retail sector, as the the world's biggest retail giant is extending its parternship with Sunil Mittal's Bharti Enterprises.
The two former partners own about 100 such properties; expansion of Best Price, EasyDay stores only after transactions linked to the split are over.
AV Birla Group chairman, Kumar Mangalam Birla and the chief executive officer of Aditya Birla Retail, Sumant Sinha bare the details, in this open-ended conversation, about their plans for Aditya Birla Retail.
After ending its wholesale partnership with Walmart, Bharti Retail has decided to merge with the Future group
US retail chain Walmart is awaiting a decision by its board decision on its India strategy, including its partnership with the Bharti group.
Retail giant Walmart and Bharti have decided to part ways.
Walmart's JV with Bharti hinges on policy clarity
In October, Wal-Mart called off its six-year-old partnership with Bharti Enterprises and decided to operate wholesale stores independently in India.
The US firm puts the lid on possible front-end deal, says retail franchise with Bharti not tenable as base
Riding high on the retail boom in India, Bharti Retail on Wednesday opened its first store in Ludhiana.Meanwhile, the Bharti-WalMart joint venture is likely to kick off its cash and carry (wholesale) business in the third quarter of this year.
M P Achuthan, Rajya Sabha member from Kerala, who blew the whistle on the company flouting FDI norms in India, has submitted a petition to the Prime Minister's Office, revealing details of how Walmart violated norms while investing $100 million in Cedar Support Services, a company that was earlier known as Bharti Retail Holdings. He speaks to Manu A B about the MNC
Sources estimated the number of employees asked to leave because of downsizing stands at about 100.
At a time when the overall narrative is around India being an attractive investment destination, the two American multinationals are more specific in projecting India as their centrepiece.
While elaborating on its international business, including the cash-and-carry or wholesale stores in a joint venture (JV) with the Bharti group, Walmart has pointed out that the list does not include the 'franchised' retail stores.
Global retail giant Walmart has got fair trade regulator CCI's green signal for purchase of Bharti group's almost 50 per cent stake in their Indian joint venture for wholesale stores business.
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