Bharti's final retail plans within 2 months: Mittal
Bharti Enterprises, which had last year announced a $2.5-billion investment for its retail venture, is expected to announce its final plans, including that of opening of the first store, within the next two months.
"You can hear from us on the final concrete plans before April-end," Bharti Enterprises Chairman Sunil Mittal told PTI on the sidelines of 'GSM World Congress' in Barcelona.
Asked when and where, the first store of Bharti Retail would be opened, he declined a specific answer but said: "It will be in North India." Mittal denied that there was any delay in rolling out plans of Bharti Retail saying: "This takes time."
The announcement of the final plans is also expected to end speculation over branding of the front-end store of Bharti Retail on whether it would carry the name of Wal-Mart.
Bharti Enterprises had commissioned a consumer response study to decide on the same, but it has not so far finalised the report.
The company had inked a 50:50 joint venture agreement with world's biggest retailer Wal-Mart for cash-and-carry business last year.
The JV is expected to open its first wholesale facility by the end of this year, with 10-15 such stores being planned to be opened in the next seven years.
The group had announced that it would launch its retail outlets in multiple formats, including hypermarkets and supermarkets, from the first quarter of 2008.
It planned to partner local store owners for the smaller format convenience stores through franchise model.
The company is aiming to earn around 5 billion dollars by 2015 from its retail initiative.
Enter your email to get our daily newsletter in your inbox
- The finance department has written to the top brass of various departments, offices and administration to ensure strict compliance to the finance and treasury rules for maintaining fiscal discipline.
- In a letter to Puri king Gajapati Dibya Singha Deb, Union minister for petroleum and natural gas, Dharmendra Pradhan urged him to launch a mass fund collection drive to enable contribution by crores of devotees of Lord Jagannath for the development of the Jagannath Temple heritage corridor.
- Cryptocurrency is, however, not legally banned and the government is in the process of enacting a law on this matter.
- The PM asked the three services to rid themselves of legacy systems and practices that are no longer relevant.
- According to the police, some young men were dancing at the DJ night in a wedding ceremony, during which one of the accused pointed the pistol at the forehead of another youth.
- In January this year, Chief Justice of India (CJI) SA Bobde ruled out any reopening of courts for the present.