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
- Alibaba surges on massive demand in trading debut
- Eight bodies found after attack on Guinea Ebola education team
- EU relief at Scotland's "no" tinged with fear of nationalism
- UPDATE 9-Scots spurn independence in historic vote, devolution battle begins
- Kurdish leader urges world to protect Syrian town from Islamic State
India has capped the prices of 36 drugs, including those used to treat infections and diabetes, in its latest move to make essential medicines more affordable, a senior official of the country's drug pricing authority told Reuters on Friday. Full Article
Top rice exporter India importing over 100,000 T on temporary supply squeeze. Full Article