New Delhi, Feb 22 (UNI) World's largest retailer Wal-Mart today said it was still in ''preliminary talks'' with partner Bharti and had arrived in India to further explore the wholesale cash-and-carry business in the country.
''Our business arrangements with Bharti for wholesale cash-and-carry are still being discussed. This is a routine business visit. No business announcement regarding our specific plans will be made during this visit,'' a Wal-Mart spokesperson said.
In order to learn more about the market first-hand and to further explore the wholesale cash-and-carry business, the Vice Chairman of Wal-Mart Stores Inc Mike Duke is visiting India this week, a statement from the retail chain major read.
''We look forward to partnering with Bharti to build backward linkages with farmers and suppliers through a robust and efficient supply chain,'' it said.
The Wal-Mart head, in Mumbai at present, is expected to visit key ministers and joint venture partner Bharti Enterprises in New Delhi tomorrow.
Bharti Enterprises Joint Managing Director Rajan Mittal on Monday said ''the two firms were in close discussions for the cash-and-carry operations and logistics business and the final details are being worked out''.
This visit follows an announcement made by Bharti that its wholly-owned unit Bharti Retail will pump in 2.5 billion dollars for building hypermarkets, supermarkets and other stores by 2015.
India does not allow foreign direct investment in multi-brand retail, but permits 100 per cent FDI in cash-and-carry and 51 per cent in single brand retail.
According to sources, the retail chain major would be giving special emphasis on emerging markets like India and China.
UNI
''Our business arrangements with Bharti for wholesale cash-and-carry are still being discussed. This is a routine business visit. No business announcement regarding our specific plans will be made during this visit,'' a Wal-Mart spokesperson said.
In order to learn more about the market first-hand and to further explore the wholesale cash-and-carry business, the Vice Chairman of Wal-Mart Stores Inc Mike Duke is visiting India this week, a statement from the retail chain major read.
''We look forward to partnering with Bharti to build backward linkages with farmers and suppliers through a robust and efficient supply chain,'' it said.
The Wal-Mart head, in Mumbai at present, is expected to visit key ministers and joint venture partner Bharti Enterprises in New Delhi tomorrow.
Bharti Enterprises Joint Managing Director Rajan Mittal on Monday said ''the two firms were in close discussions for the cash-and-carry operations and logistics business and the final details are being worked out''.
This visit follows an announcement made by Bharti that its wholly-owned unit Bharti Retail will pump in 2.5 billion dollars for building hypermarkets, supermarkets and other stores by 2015.
India does not allow foreign direct investment in multi-brand retail, but permits 100 per cent FDI in cash-and-carry and 51 per cent in single brand retail.
According to sources, the retail chain major would be giving special emphasis on emerging markets like India and China.
UNI
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