Wal-Mart Stores Inc paid about $234 million or Rs 1,404 crore in debt related to the purchase of a stake in its Indian joint venture with Bharti Enterprises, which the US retailer ended in October last year, according to its 2014 annual report.
Wal-Mart, the world's largest retailer, had earlier paid $100 million or Rs 600 crore to take over its Indian partner's 50 per cent stake in Bharti Wal-Mart Pvt Ltd, which runs 20 wholesale stores under the Best Price Modern Wholesale brand.
The transaction resulted in a net loss of about $151 million or Rs 906 crore, according to the company's consolidated statement of income.
($1= Rs 60)
Copyright: Thomson Reuters 2014
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