The Tata Group is in talks with US retailer Walmart and is likely to acquire up to 49% stake in its wholesale cash-and-carry business in India, multiple sources aware of the development told Times of India.
If the deal goes through, Bentonville-headquartered Walmart, which runs a B2B wholesale business in India under the ‘Best Price Modern Wholesale’ brand, will be able to leverage the Tata Group’s muscle and expand faster in the organized wholesale market. It is also likely to help the Tata group to accelerate its retail expansion plans.
Judith McKenna, president and CEO of Walmart International, who was in the Capital earlier this month, along with other Walmart executives, was scheduled to announce the deal but was unable to do so because the discussion between both the companies was not finalised, a top Walmart executive, who did not wish to be quoted, told TOI.
Source: Economic Times