Wal-Mart paid $334 million to end India partnership

MUMBAI Mon Apr 28, 2014 1:18pm IST

A customer shops at a Best Price Modern Wholesale store, a joint venture of Wal-Mart Stores Inc and Bharti Enterprises, at Zirakpur in Punjab December 6, 2012. REUTERS/Ajay Verma/files

A customer shops at a Best Price Modern Wholesale store, a joint venture of Wal-Mart Stores Inc and Bharti Enterprises, at Zirakpur in Punjab December 6, 2012.

Credit: Reuters/Ajay Verma/files

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MUMBAI (Reuters) - Wal-Mart Stores Inc (WMT.N) 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 percent 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.

(Reporting by Nandita Bose; Editing by Matt Driskill)

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