Bharti Wal-Mart to hire 1100 more by year-end
22 Jul 2010
Bharti Wal-Mart, the joint venture between Bharti Enterprises and the world's top retailer Wal-Mart Stores, said today it would hire about 1,100 people by the end of this year as it expands its wholesale business.
The additional manpower will be brought for cash-and-carry joint venture of the two partners, Bharti Wal-Mart managing director and chief executive Raj Jain told reporters in New Delhi.
Bharti Enterprises and Wal-Mart Stores Inc entered into a joint venture in August 2007 and started cash-and-carry stores named 'BestPrice Modern Wholesale' last year. The joint venture has so far opened two wholesale outlets.
Jain also said Bharti Retail Ltd, owned by billionaire Sunil Mittal's Bharti Group, plans to open 140 retail stores in India this year. The company currently operates about 80 stores. Bharti Retail owns a chain of grocery outlets and Easyday Market hypermarkets.
Bentonville, Arkansas-based Wal-Mart and rivals such as Carrefour SA and Tesco Plc are betting their global supply chain networks will allow them to bring down prices in India, where laws currently limit overseas companies to operating single-brand outlets or wholesale stores. India does not allow foreign investment in multi-brand retail, but permits 51 per cent foreign investment in single-brand retail and 100 per cent in wholesale ventures.
Foreign direct investment in multi-brand retail is not allowed, though the government is taking tentative steps in this direction. Earlier this month, the commerce and industry ministry put out a paper which discussed lifting investment caps.
