Walmart sets up new company in India

Walmart sets up new company in India

WALMART In India - GLOBAL retail giant Wal-Mart has registered a new company in India as it prepares to enter die country's lucrative multi-brand retail market with a new partner.The American retail major and Bharti Enterprises decided Go part ways in October last year, bringing an end to their six-year long partnership.

The retailer has registered a new company called Wal-Mart India Private Ltd' in the country, according to the data available with the Ministry of Corporate Affairs.

According to die information, the new entity was registered on January 15, 2014.

After parting ways with Bharti group in October last year. WalMart had said it was studying the feasibility of India's FDI policy in multi-brand retail before finalising plans to enter the segment.The retailer and Bharti Enterprises had last year decided to independently own and operate separate business formats in the country. In December 2013, Wal-Mart received the green signal from the Competition Commission of India (CCI) to purchase Bharti group's almost 50 per cent stake in their Indian joint venture for wholesale stores business.