Wal-Mart Stores Inc and its Indian partner Bharti Enterprises ended up their joint venture on 9 October 2013. From now on they will independently own and operate separate businesses in the country. Wal-Mart will acquire Bharti's 50 percent stake in Bharti Wal-Mart Pvt Ltd and will run the business independently.
Bharti Wal-Mart Pvt Ltd runs about 20 wholesale stores in India under the Best Price Modern Wholesale brand. Wal-Mart is the world’s biggest retailer.
As part of their agreement, Bharti will acquire the compulsory convertible debentures (CCDs) held by Wal-Mart in Cedar Support Services, a company owned and controlled by Bharti.
India in 2012 allowed foreign supermarket companies to own up to 51 percent of their local operations. However, no company has applied to enter the country under the rule.
When: 9 October 2013