News: Wal-Mart to ink deal with Bharti in two weeks

(PTI 03/05/2007) New Delhi - Wal-Mart Stores Inc, the world's biggest retailer, today said it is close to finalising an agreement with its Indian partner Bharti for a wholesale cash-and-carry venture and will open first store next year.

"We are in negotiations with Bharti and close to signing an agreement... We will announce details of the joint venture in a couple of weeks," Raj Jain, President (emerging markets) of Wal-Mart International, said here.

He said the company could place a proposal to this affect to its global board of directors soon.

The first cash-and-carry store was likely to be opened in the middle of 2008, he added.

"There is no major disagreement between Bharti and Wal-Mart," he said, when asked about the delay in finalising the joint venture.