Bharti Enterprises has appointed two former executives from its now defunct joint venture with Walmart.
Former Bharti Walmart managing director Raj Jain will join the group’s retail arm, Baharti Retail, as chief executive officer. Jain will report directly to Bharti Enterprises vice chairman and managing director Rajan Bharti Mittal.
Pankaj Madan will also join Baharti Retail as chief financial officer (CFO). Madan served as Bharti Walmart’s CFO for five years until allegations of corruption at the cash and carry firm emerged in 2012.
Mittal said both appoinments were made with the long-term future of the group in mind.
“Bharti is committed to building a world-class retail venture and we are delighted to have Raj and Pankaj on board,” Mittal told Zeebiz.
“I am confident that their rich experience and insights into the retail business will add immense value to company's growth plans.”
Bharti and Walmart announced they were ending their six-year partnership in October, 2013. Walmart acquired Bharti Enterprises’s 50 per cent stake in Bharti Walmart Pvt Ltd, giving the US retail giant 100 per cent ownership of the Best Price Modern Wholesale brand.
