Wal-Mart, Bharti announce divorce, to go separate ways in retail biz

Wal-Mart Stores Inc and its Indian partner Bharti Enterprises on Wednesday said they will dissolve their joint venture and will independently own and operate separate businesses in the country. Wal-Mart, the world's biggest retailer, will acquire Bharti's 50 per cent stake in Bharti Wal-Mart Pvt Ltd, which runs about 20 wholesale stores in India under the Best Price Modern Wholesale brand. Indian rules allow 100 per cent foreign direct investment (FDI) in cash and carry business.