Bharti Retail Archives - Inside Retail Asia

Future Group seeking fourth supermarket deal

India’s Future Group is discussing a buyout or merger with Aditya Birla Retail’s supermarkets.

Bharti snaps up former Walmart CEO

India’s Bharti Retail has recruited former executives from its previous joint venture with US retailer Walmart. Raj Jain and Pankaj Madan were appointed the company’s new CEO and CFO. Jain was the former head of Bharti Walmart, the joint venture between Bharti Retail and Walmart, which was ended in October. Madan was the former CFO of the defunct JV. Walmart has bought the 50 per cent stake in the JV to fully operate the wholesale stores Best Price Modern. “Bharti is committed to bui…

Bharti plans growing EasyDay

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 w…

Walmart cleared in Indian probe

An Indian government probe has cleared Walmart of breaching foreign investment rules when it launched in 2010. India’s Finance Ministry has been investigating Walmart over allegations that it violated Indian rules when it purchased debentures worth $100 million from Cedar Support Services, the holding company of Bharti Retail, which runs supermarket chain Easyday, in 2010. Walmart and Bharti agreed to convert the debentures into 49 per cent stake after a three-year lock-in. The US retailer…

Walmart, Bharti to end ties?

Retail giant Walmart is reportedly about to part ways with Indian partner Bharti Group. There is speculation that Walmart will not convert into equity the $100 million that it lent to Cedar Support Services, the holding company of Bharti Retail. The US retailer invested the funds in 2010 with an option to convert it into 49 per cent stake on September 30, 2013. The investment became a subject of probe after Rajya Sabha MP said that the fund has violated the foreign direct investment rules …

Bharti, Walmart halts Easyday venture

Bharti Retail returns 17 properties where it planned to open Easyday stores with Walmart.

Walmart takes stake in Cedar Support

Retail giant invests in the holding company of Bharti Retail.