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| Version 1 | Version 2 |
|---|---|
| Wal-Mart to enter Indian market | Wal-Mart to enter Indian market |
| (20 minutes later) | |
| US supermarket giant Wal-Mart is to enter the Indian retail market after announcing a joint agreement with India's Bharti Enterprises. | US supermarket giant Wal-Mart is to enter the Indian retail market after announcing a joint agreement with India's Bharti Enterprises. |
| The two companies said they had signed a deal to "jointly explore business opportunities" in India. | The two companies said they had signed a deal to "jointly explore business opportunities" in India. |
| Bharti chairman Sunil Mittal said the two companies intended to open "several hundred" stores across India under the Wal-Mart brand name. | Bharti chairman Sunil Mittal said the two companies intended to open "several hundred" stores across India under the Wal-Mart brand name. |
| Wal-Mart's deal comes after Britain's Tesco ended talks with Bharti. | Wal-Mart's deal comes after Britain's Tesco ended talks with Bharti. |
| It is going to be a large investment, we are going to be a big player in this market Bharti boss Sunil Mittal | |
| Tesco had hoped to reach a similar deal with Bharti, but its negotiations ended without agreement last week. | Tesco had hoped to reach a similar deal with Bharti, but its negotiations ended without agreement last week. |
| Bharti had also spoken with France's Carrefour and Germany's Metro, according to reports. | Bharti had also spoken with France's Carrefour and Germany's Metro, according to reports. |
| Fast-growing market | Fast-growing market |
| The Bharti joint venture is a huge opportunity for Wal-Mart to gain a foothold in a market analysts expect will double in value to $637bn (£330bn) by 2015. | The Bharti joint venture is a huge opportunity for Wal-Mart to gain a foothold in a market analysts expect will double in value to $637bn (£330bn) by 2015. |
| "Wal-Mart was keen to get into India. I think they have chosen the right partner," said Mr Mittal. | "Wal-Mart was keen to get into India. I think they have chosen the right partner," said Mr Mittal. |
| "It is going to be a large investment, we are going to be a big player in this market." | "It is going to be a large investment, we are going to be a big player in this market." |
| Large overseas retailers such as Tesco and Wal-Mart are currently barred at the retail level in India, but not in the wholesale market. | Large overseas retailers such as Tesco and Wal-Mart are currently barred at the retail level in India, but not in the wholesale market. |
| Mr Mittal said the deal with Wal-Mart complied with existing government rules, suggesting Wal-Mart will handle the supply side of the operation, while Bharti will run the stores. | |
| Bharti is a well-known brand in India, offering mobile phone services to more than 24 million users. |