Wal-Mart and Bharti in India deal

The outlets will sell fruit and vegetables and other items

A joint venture between Wal-Mart Stores and India's Bharti Enterprises has been finalised, the pair said on Monday.

Bharti Wal-Mart Private Limited will operate wholesale cash-and-carry and supply chain operations in India.

Opening 10 to 15 outlets by 2015, it plans to employ about 5,000 people selling groceries, consumer goods, fruits and vegetables.

India's retail industry is worth $300bn (£148bn) a year and has attracted the interest of international retailers.

Large overseas retailers are currently barred by law at the retail level in India, but not in the wholesale market.

Tesco, France's Carrefour, and Germany's Metro are all big names who have expressed an interest in establishing operations in India.

The first Bharti Wal-Mart Private Limited cash-and-carry store is set to open by the end of 2008.

"This venture promises to bring great value to millions of farmers, artisans, small manufacturers and retailers across India," said Sunil Bharti Mittal, chairman and group CEO of Bharti Enterprises.

"We are pleased to be a partner in developing this sector which is set to become a significant engine of India's economic growth."