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9, December 2006 Pragati Maidan, New Delhi.
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Tesco has failed to clinch a deal with Bharti Enterprises Ltd, This failing has inevitably cleared the way for the world's biggest retailer, Wal-Mart, to get sole access to the lucrative Indian retail market. A Tesco spokesman was quted saying that it had ended negotiations to form a widely expected joint venture with Bharti, but said the company still planned to enter India's retail sector. The two have pulled out of the months- long talks, that originally included France's Carrefour as well as Wal-Mart, because Bharti's timing for store roll-outs did not coincide with its plans. Newspapers last weekend reported that Bharti had decided Wal-Mart was a more suitable partner, but a spokesman for the Bharti group, which controls India's biggest mobile telephone services provider, Bharti Airtel Ltd., said at that time that no deal had been completed.
Date: 27-Nov-2006
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