An Economic Times of India report today (Tuesday) has promoted speculation that US retailer Wal-Mart and India's Future Group are discussing forming a joint retail venture in India.
The paper said Wal-Mart and Future Group executives have met several times over the last four months, most recently last week, raising the possibility of an alliance which could change the face of organised retail in India.
Future Group chairman Kishore Biyani declined to comment on the talks, while Wal-Mart is understood to have deemed the report 'speculative'.
In its report, the Economic Times said the meetings between the two retailers could have an impact on their respective partnerships in India - an existing one for Wal-Mart and a prospective one for the Future Group.
Wal-Mart entered a 'non-exclusive' equal joint venture with the Bharti Group in 2006 - Bharti Walmart. ButWal-Mart is reportedly frustrated by the joint venture's slow pace of expansion, the paper said.
Meanwhile, the Future Group is understood to have been in talks with French retailer Carrefour about an joint venture in India for over two years.
Commenting on the Wal-Mart/Future Group talks, Rajan Mittal, joint managing director of Bharti Enterprises told the Economic Times: 'We (Bharti and Walmart) are happy with each other,' he said.
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