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Wal-Mart paid $334 million to end India partnership

Mumbai: Wal-Mart Stores Inc has paid nearly Rs 1,404 crore in debt related to the purchase of a stake in its Indian joint venture with Bharti Enterprises, which the US retailer ended in October last

India TV News Desk [ Updated: April 28, 2014 20:04 IST ]
wal mart paid 334 million to end india partnership
wal mart paid 334 million to end india partnership

Mumbai: Wal-Mart Stores Inc has paid nearly Rs 1,404 crore in debt related to the purchase of a stake in its Indian joint venture with Bharti Enterprises, which the US retailer ended in October last year, according to its 2014 annual report.

 
Wal-Mart, the world's largest retailer, had earlier paid $100 million or Rs 600 crore to take over its Indian partner's 50 per cent stake in Bharti Wal-Mart Pvt Ltd, which runs 20 wholesale stores under the Best Price Modern Wholesale brand.
 
The transaction resulted in a net loss of about $151 million or Rs. 906 crore, according to the company's consolidated statement of income.
 
 

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