Wal-Mart has called off its joint venture with India's Bharti Enterprises in a deal which will see it go solo in Asia's third-largest economy.
Under the agreement, announced on Wednesday, Wal-Mart will acquire Bharti's 50 percent stake in their joint venture. It will give the U.S.' largest retailer full ownership of the Best Price Modern Wholesale cash and carry business, which runs 20 stores.
Bharti, which is also the parent company of Bharti Airtel, India's biggest mobile phone carrier, will operate its Easy Day chain of convenience stores alone.
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The move comes three days after a Wal-Mart Asia executive told Reuters the tie-up with Bharti was "not tenable" as a base for its business in India.