BOSTON — Wal-Mart will open its first store in India by the end of 2008, under terms of joint venture unveiled Monday with Indian telecom giant Bharti Enterprises.
The move gives the $345 billion Bentonville, Ark. retailer its long-sought entry into India, which has protectionist laws prohibiting multi-brand foreign retailers from opening stores directly. Each company will hold a 50 percent stake in the new venture, Bharti Wal-Mart Private Ltd. Wal-Mart announced in 2006 such a deal was in works.
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