News: Wal-Mart top brass arrives in India

(PTI 22/02/2007) New Delhi - Even as global retail leader Wal-Mart has said it would increase focus on emerging markets like India, a high profile team led by the of Arkansas-based company's vice president (international) Michael Duke arrived in New Delhi today.

According to sources, Duke, is expected to meet top government officials to discuss the firm's business plans in India and finalise the proposed retail foray with Bharti Enterprises.

Duke is scheduled to meet Rajan Mittal, joint managing director, Bharti Enterprises and his team of executives in Mumbai tomorrow.

The visit is aimed at finalising the fine print of retail venture related agreements with Bharti. Once this is done, the agreements will be put up to the respective boards of the companies for their approval. Sources indicated that the approvals at the Bharti end will happen in a few days time.

Bharti and Wal-Mart had signed a memorandum of understanding for the retail foray in November, 2006. Duke's visit is aimed at taking the process forward and start operational work. However, it is unlikely that a formal announcement will be made at this stage.

Duke's visit comes on the heels of its Indian partner Bharti announcing a $ 2.5 billion retail expansion. Wal-Mart, however, will be partnering Bharti only at the back-end of the retail operations for which a joint venture has been envisaged.

India does not allow foreign direct investment in multi-brand retail, but permits 100% FDI in cash-and-carry and 51% in single brand retail.

Meanwhile, Lee Scott, president and CEO, Wal-Mart Stores has said the retail chain major would be giving special emphasis on emerging markets like India and China.

"This year, expect to hear more from Wal-Mart (about where we are going) in emerging markets like India and China," he said while announcing the company's fourth quarter results.