A joint venture between Wal-Mart (NYSE:WMT) and India-based Bharti Group announced they have opened their first wholesale outlet in India. Bharti Wal-Mart Pvt. opened the store, called "Best Price Modern Wholesale", in the northern city of Amritsar and the joint venture plans to open 10-15 wholesale outlets and employ 5,000 people over the next three years. Wal-Mart and other foreign companies that sell more than one brand in their stores are not permitted to open their own retail shops or buy stakes in Indian stores. Local laws allow such companies to operate only wholesale stores that sell goods to retailers, restaurants and other businesses. These laws are in place to protect small, "mom and pop" retail shops that are critical to India's economy.

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