NEW DELHI: Wal-Mart Stores Inc, the world’s biggest retailer, said on 2 May it is near 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.