Wal-Mart Stores has set up a joint venture with Indian business group Bharti Enterprises, as it attempts to succeed in another international market.

The two companies have signed a memorandum of understanding today (27 Novermber), and vowed to "jointly explore business opportunities in India". 

"Bharti, with its deep knowledge of India's fast growing consumer market and Wal-Mart, with its extensive global retail experience, share the same commitment to building relationships with producers in order to provide great quality at reasonable prices to consumers everyday," a joint statement said.

Wal-Mart already operates in several overseas markets, including Argentina, Brazil, Canada, China, Costa Rica, El Salvador, Guatemala, Honduras, Japan, Mexico, Nicaragua, Puerto Rico and the UK.

Indian group Bharti also has interests in telecom, agri business and insurance.

The UK's top retailer, Tesco, was also linked with Bharti before talks were terminated on Friday, according to local reports.

Tesco was unavailable for comment when contacted by just-food today.