On the heels of announcing a joint venture for wholesale cash-and-carry business with the world's biggest retailer Wal-Mart, Sunil Bharti Mittal, chairman, Bharti Enterprises today said the two companies would form a 50:50 partnership for front-end retail 'if allowed' by the government."The issue is FDI in retail is not allowed (for multi brand). In the event FDI is opened up to 100%, there will be a 50:50 joint venture for front-end retail," Mittal told reporters on the sidelines of the CII Marketing Summit here.He said the partnership would depend largely on the government policy. "If the government allows only 26% FDI, Wal-Mart will have only 26%."Asked if Wal-Mart would choose to go alone in case the FDI norms were completely relaxed, he said Bharti was a partner of choice for the US-based retailer. "Wal-Mart failed in Korea and Germany, while they are struggling in Japan and relatively doing well in China. They do recognise the need for a local partner," he added.Bharti and Wal-Mart had announced a 50:50 joint venture for wholesale cash-and-carry business on August 6. The first wholesale store is expected to be opened by the end of 2008, Wal-Mart India President (Operations) Raj Jain had said: "Over the next seven years, we are planning to open 10-15 wholesale cash-and-carry facilities throughout the country."
