Bharti Enterprises is ramping up expenditure on its grocery chain EasyDay, just over a month after ending its joint venture with multinational conglomerate Walmart.
The Indian retail group plans to invest Rs8bn (US$128m) in EasyDay per annum, without the assistance of foreign investment.
“New investments will continue to come and Bharti Enterprises remains committed to the venture,” an unnamed Bharti executive told Inside Retail Asia.“There appears to be no immediate need for a foreign partner.”
Walmart and Bharti mutually agreed to end their partnership in October.The US-based retail giant acquired Bharti’s 50 per cent stake in Bharti Walmart Pvt Ltd, giving it 100 per cent ownership of the Best Price Modern Wholesale brand.
Since the buyout was announced, Walmart has trimmed its profit outlook for the fourth quarter of 2013.
