India’s Bharti Retail said it is planning to invest up to Rs800 crore annually to grow its EasyDay retail store network.
“The plan is to grow this format (EasyDay) further and expand. New investments will continue to come and Bharti Enterprises remains committed to the venture. There appears to be no immediate need for a foreign partner,” said a senior executive, who declined to be named.
The plan comes after its joint venture with US retailer Walmart, which operates 20 Best Price Modern wholesale stores, has ended.
Meanwhile, Walmart has trimmed its profit outlook for the fourth quarter arising store closures in Brazil and China and the discontinuation of its Indian joint venture.
“Two items impact our guidance by approximately $0.10 per share. The net impact (of scrapping the India venture) is expected to be dilutive to earnings per share by approximately $0.04,” Walmart said in a statement.
