Wal-Mart paid $334 million to end India partnership
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)
- Tweet this
- Share this
- Digg this
- U.S.-led air strikes killed 521 fighters, 32 civilians in Syria - monitor
- Google launches new email service dubbed "Inbox"
- Apple CEO says to add 25 stores in China within two years - Sina
- Japan PM's new minister hit by scandal over racy bar bill
- Nissan recalling 260,000 vehicles globally with Takata air bags
India could allow commercial coal mining by foreign companies if they set up units in the country, opening the door for global giants like Rio Tinto to access the world's fifth largest coal reserves, a source familiar with the matter said. Full Article