Friday, Oct 31, 2014

Wal-Mart paid $334 mn to end partnership with Bharti Enterprises

Reuters | Mumbai | Posted: April 28, 2014 12:31 pm | Updated: April 28, 2014 12:33 pm

Wal-Mart Stores Inc paid about $234 million in debt related to the purchase of a stake in its Indian joint venture with Bharti Enterprises, which the U.S. retailer ended in October last year, according to its 2014 annual report.

Wal-Mart, the world’s largest retailer, had earlier paid $100 million 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, according to the company’s consolidated statement of income.

 

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