U.S.-based retail giant Wal-Mart Stores and Bharti Enterprises are all set to ink a deal for a retail joint venture in India.

Bharti's chief Sunil Mittal told Xinhua Friday that "we are very close (to reach a agreement). We can't fix a time-frame, but we hope it will happen in the next few weeks and the legal agreement of the proposed cash-and-carry joint venture is being looked into".

After a meeting with Wal-Mart top boss, Indian Agriculture Minister Sharad Pawar told Xinhua that "effort of Bharti will be useful for Indian farmers as they will be able to get remunerative prices".

Earlier today, both Mittal and Wal-Mart vice chairman Mike Duke met with Indian Planning Commission Deputy Chairman Montek Singh Ahluwalia in New Delhi.

Source: Xinhua