Wal-Mart Faces Setback to India Retail Foray
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Wal-Mart Stores Inc.’s ambitions to open a chain of supermarkets in India hit a roadblock after the world’s largest retailer ended a six-year local partnership with billionaire Sunil Mittal.
Wal-Mart will for now have to content itself with running a chain of wholesale stores in the country until it finds a new Indian partner to open supermarkets. The Bentonville, Arkansas-based company yesterday agreed to buy the stake held by Mittal’s Bharti Enterprises Pvt. in their joint venture.