Wal-Mart quits Indian joint venture

<p>A joint venture between Wal-Mart and Bharti Enterprises has come to an end.</p>

Wal-Mart has confirmed it is ending its joint venture with Indian company Bharti Enterprises.

The world's largest supermarket chain revealed that its deal with the firm – which operates cash and carry stores in India – will be wound down and it will acquire Bharti's stake in the venture.

Scott Price, chief executive of Wal-Mart Asia, revealed in a statement that the company wants to continue to serve the people of India through investing in "supply chain infrastructure, direct farm programme and supplier development".

The company added in a statement that it would "continue to advocate for investment conditions" that allow for foreign direct investment in multi-brand retail in the Asian nation.

Wal-Mart's share price is slightly up today (October 9th) on the back of the news the joint venture with Bharti is coming to an end.

Stocks in the company were selling 0.38 per cent higher on the Nasdaq at 15:22 BST.

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