Bharti-Walmart JV fate to be decided by October

Comments 0
There has been no clarity on the future of the Bharti-Walmart joint venture with Walmart yet to make a firm commitment. (Reuters) There has been no clarity on the future of the Bharti-Walmart joint venture with Walmart yet to make a firm commitment. (Reuters)
SummaryWal-Mart to commit on whether to start front-end retail stores with Bharti or continue wholesale retail.

Wal-Mart itself started an internal probe in November 2012 into possible violations of US Foreign Corrupt Practices Act in India, which followed an earlier probe in Mexico.

Following the two probes, a number of Bharti Walmart executives have either quit or have been sacked. Bharti Walmart’s chief financial officer Pankaj Madan was sacked in the aftermath of the probe but since then Madan has joined Airtel. In July, Bharti Walmart’s president Raj Jain was replaced by Ramnik Narsey an expert in finance.

The joint venture has also seen the exit of Avneet Bedi, vice-president (asset protection) and Rajeev Chhabra, general manager (legal). Wal-Mart’s representative on the board of Cedar Support Services Munir Suri quit in July while chief operating officer of Cedar Support Services Mahesh Krishna has also quit.

Bharti Walmart has 20 stores across India. The joint venture has also provided support to Bharti’s front-end retail venture Easyday. Since the corruption probes began late last year, Bharti Walmart has halted further expansion due to various reasons.

Single Page Format
Ads by Google

More from Corporates & Markets

Reader´s Comments
| Post a Comment
Please Wait while comments are loading...