Bharti to finalise retail model by Oct: Mittal

Kolkata, Sept 22: Diversified telecom conglomerate Bharti Enterprises Ltd will finalise the business model for its proposed retail venture by October, its chairman Sunil Bharti Mittal said today.

"An internal team of the company and consultants are evaluating the business model to be adopted for the venture. We will be ready with the details of the project by October," Mittal, who runs India's top mobile services provider, told reporters.

Mittal was speaking on the sidelines of a CII sponsored interactive session with West Bengal Chief Minister Buddhadeb Bhattacharjee.

The investments would be firmed up only after the business model was fixed, Mittal said without disclosing the names of the companies he is talking to.

Bharti is reportedly in talks with US-based Wal-Mart, Britain's Tesco Plc and Carrefour for its retail plans.

Once the partner is finalised, the retail venture will begin operations early next fiscal year starting April 2007.

The Indian government has already allowed 51 per cent foreign direct investment in retail stores that sell only a single brand.

Global giants are, however, allowed to open stores in India via franchise deals with Indian partners.

On the company's investment plans, Mittal said Bharti have earmarked two billion dollar investments for the current fiscal for expanding its presence in the sectors they were operating.

He said Bharti is eyeing more telecom licences in small islands after the success at Seychelles.

Mittal said the company is also examining opportunities in telecom ventures in SriLanka.

The company, involved in contract farming in 5,000 acres of land in Punjab, is also exploring opportunities in other states, Mittal said.

UNI