Wal-Mart Stores Inc. said Wednesday it will buy out its partner in a wholesale venture in India and their six-year tie-up, according to a report from Bloomberg News.
The move would leave the Bentonville-based retailer without a local partner to set up supermarkets in the country.
Bharti Enterprises Pvt.’s stake in the wholesale joint venture will be purchased by Walmart, the two companies said in a joint statement today. Terms of the deal weren’t disclosed.
The break-up is a setback to Wal-Mart’s plans to open retail stores in India, Asia’s third-largest economy.
While the company gains full control over 20 wholesale stores and their supply chain, it’s left without an Indian partner it would need to set up supermarkets.