The Hindu : Business : Bharti-Wal-Mart formal pact soon

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Thursday, Jul 19, 2007
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Business

Bharti-Wal-Mart formal pact soon

N. Anand

Land identification, employee recruitment on

To open chain of stores next year
Plans general insurance foray

CHENNAI: Bharti Enterprises is all set to sign a formal agreement with the U.S. largest retailer, Wal-Mart Stores Inc.

Talking to The Hindu on Tuesday, Bharti Enterprises, Founder, Chairman and CEO, Sunil Bharti Mittal, said work was under progress and they were in the process of recruiting employees and identifying land. A formal agreement with Wal -Mart with regard to franchising and branding would be signed soon.

Recently, Bharti Enterprises Joint Managing Director, Rajan Bharti Mittal, had said that apart from providing choice and quality to consumers at affordable prices, the efficient supply chain management and ‘on time’ availability of goods would help fight inflation. Bharti’s retail chain will provide ready outlets to the relatively ‘unknown’ brands of small manufacturers, which are sold as private labels.

“We are now studying the supply chain management. Land has not been picked up. We will open a chain of stores early next year to carry out cash and carry business. Foreign direct investment in retail is not allowed in the front-end,” said Mr. Sunil Mittal.

On the life insurance front, Bharti has tied-up AXA Bharti AXA Insurance Company would start cross selling financial and wealth management products to Airtel customers in the next few months.

Talks are also on with AXA to get into the general insurance sector that would be kick-started during this quarter.

Even though, the group has a suite of financial products, Mr. Sunil Mittal ruled out the possibility of entering the banking sector, at least for the time being.

Bharti had joined hands with the EL Rothschild Group to export fresh fruits and vegetables exclusively to markets in Europe and the U.S.

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