Bharti news and archive

Now Raj Jain is Bharti’s advisor

Raj Jain, former India head and CEO of Walmart, who had quit after Walmart got embroiled in several controversies, including an internal investigation into violations of the Foreign Corrupt Practices Act (FCPA), anti-bribery laws has rejoined as advisor to Bharti. This was announced after the formal split between Walmart and Bharti last week....

Apparel

Bharti, Walmart split, to pursue business independently

Finally Bharti and Walmart have put an end to the speculations over their partnership. Through a joint statement, they have officially announced that they are parting ways and will pursue retail business in India independently. Post the formal split, Walmart will takeover Bharti Group’s stake in the 50:50 wholesale joint venture that was formed...

Apparel

Bharti Walmart’s agents demand unpaid dues

Keeping current situation in mind, a group of independent agents, who had helped Bharti-Walmart get various licences in India and whose services were stopped last December, have demanded that the company either pay their dues amounting to about Rs one crore or face legal action. Over two dozen such consultants, including middlemen in government...

Apparel

Walmart eyes growth through wholesale business in India

After expressing concerns over FDI norms in multi-brand retail and with rumours of a split with its India partners Bharati Enterprises, US-based retail giant Walmart is positive about growing its wholesale business in the country. It expects to grow its ‘Best Price Wholesale’ cash and carry business in India, while exploring future retail...

Apparel

Walmart stops India expansion, may not partner with Bharti

After the recent lobbying controversy, Walmart has put a brake on retail expansion in India. As per industry sources, it is not planning to apply for its first retail store licence before March 2015. The company has said it needs further 12 to 18 months after winning government approval to open each store, which means its first retail outlet in...

Apparel

Jain quits Walmart

Raj Jain is no longer with Walmart. He has been replaced by Senior Vice-President Ramnik Narsey, who joined Walmart last month after quitting as India Chairman & CEO of Australia-based Woolworths. Walmart, the world’s largest retail chain has lately been embroiled in several controversies, including an internal investigation into violations of...

Apparel

Rajan Mittal quits as Bharti Retail’s Director

Rajan Mittal has quit as Director of Bharti Retail, after the Enforcement Directorate launched a probe into a controversial 100 million dollars (over Rs 500 crores) investment by Walmart Stores in Cedar Support Services, the holding company of the retail venture. He has been replaced by Bharti Group’s general counsel and company secretary Mukesh...

Apparel

Bharti Wal-Mart suspends CFO, legal team in India

After Reebok, the Wal-Mart India story seems to be taking an ugly turn. As a part of its high-profile, global investigation into potential violations of America’s anti-bribery laws, the India unit of Wal-Mart has suspended its chief financial officer and the entire legal team. As the probe is on, Bharti Wal-Mart will go slow on the planned...

Apparel

RIL leads the financial growth chart

Reliance Industries Limited (RIL) reported a 37 per cent increase in turnover to Rs 83,698 for its quarter ended 30th June, 2011. Its exports have increased by 57.5 per cent to Rs 51,737 crores. Its PBDIT increased by 9.3 per cent and achieved a record level of Rs 11,005 crores. Profit before tax increased by 20.3 per cent to Rs 7,264 crores....

Apparel

Easy Day to expand

Easy Day is on an expansion spree after restricting its presence to Punjab for almost three years. The retail chain plans to double its number of stores this year i.e. to have 125 Easy Day supermarkets and 13 Easy Day Market hypermarts. It is the retail arm of Bharti Enterprises, which has a joint venture with the world’s largest retailer...