Bharti-Wal-Mart deal to be inked this month

THE much-touted Bharti-Wal-Mart retail deal will be finally signed this month amid concerns expressed by various political parties over the entry of foreign retailers in India.
‘’The deal with Wal-Mart for the retail venture will be signed this month,’’ Bharti Enterprises chairman Sunil Mittal said on Tuesday.
Bharti, which has announced a $2.5-billion investment till 2015 on front-end stores, has set eyes on clocking revenues of $4.5 billion from the new business by then.
The investment will involve only setting up of front-end stores, while the company is working out modalities for its back-end linkage, including its joint venture with world's largest retailer Wal-Mart. While Bharti will manage front-end of the retail venture on its own, the JV with Wal-Mart will be for back-end chains, including logistics, supply chain and cash-and-carry.
The company is planning to open its maiden store in the first quarter of 2008 and plans to open similar retail outlets throughout the country. As per the plans, the company is looking at 10 million square feet of retail space, which will include hypermarkets, supermarkets and convenience stores. The venture is expected to generate employment for about 60,000 people.