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

Related Topics

Stocks

   

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)

FILED UNDER:
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

  • Most Popular
  • Most Shared

DIPLOMACY

REUTERS SHOWCASE

Moody's on Inflation

Moody's on Inflation

Persistent inflation hurting India's sovereign ratings - Moody's  Full Article 

GDP Preview

GDP Preview

Economy likely grew faster in June quarter: Reuters poll.  Full Article 

Asian Market

Asian Market

Shares edge up on steady Wall Street  Full Article 

Chance For Reform

Chance For Reform

India's coal crunch - a chance to revamp, reallocate and revive.  Full Article 

Road to IPO

Road to IPO

Mega-IPO to rekindle the 'bromance' behind Alibaba's rise  Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device.  Full Coverage