Walmart India says retail plans with Bharti "not tenable"
NUSA DUA, Indonesia (REUTERS) - Walmart Stores Inc's retail plans with India partner Bharti Enterprises are "not tenable" and both sides are looking for the best way to move forward, an executive with the US retailer told Reuters.
Walmart was expected to make a decision on its Indian retail plans later this month and Bharti will accordingly decide if those plans match its overall retail ambitions.
"We created a franchise in retail with Bharti in the hopes that there could be a potential freeing up (of foreign direct investment) that would allow it to potentially be the base of the business. But frankly, the FDI has passed," said Walmart Asia Chief Executive Scott Price on the sidelines of the Apec conference in Bali, Indonesia.
"That means the existing franchise to Bharti is not tenable as the base. What we are talking about with Bharti is what we do with that business."