Bharti Airtel rings loud on retail deal

DALAL STREET SPIKES

Bharti Airtel shot up by 2 per cent to close at Rs 630 though on a 70 per cent decline in volumes as compared to Friday last week on reports that its group company Bharti Enterprises has signed a tie-up deal with US retailer Wal-Mart to open a retail chain across the country, though not immediately.

The retail shops will be owned by Bharti Enterprises under the Wal-Mart franchise. However, the company declined to comment on the financial details of the deal.

The company already has a joint venture with the El Rothschild group for FieldFresh, which supplies fresh produce to overseas retailers.

The company's strategy of entering retail is in line with mega investment announced by other bigger financial conglomerates such as the Aditya Birla group and Reliance, of which the latter has already started its retail plans.