Tata Group, India's largest conglomerate, and US-based retailer Walmart may soon form a joint venture in the retail space to accelerate their omnichannel retail play in the country, The Times of India reported.
Walmart executives have held meetings with top executives of Tata Sons to forge an alliance, the report said citing unidentified sources.
Tata Group considers its consumer retail division as one of its growth engines which has its presence across the vertical that started with Tata Oil Mills Company (Tomco) in 1917 and is spread across multiple companies which includes Tata Consumer Products (includes Starbucks), Titan, Infiniti Retail (Croma), Tata Unistore (Tata CLiQ), Voltas, Trent (Westside, Star Bazaar) and Tata Industries (Tata Smart Foodz).
The news comes days after Mukesh Ambani, India's richest man and Reliance Industries' chairman, announced strong interest in the retail business and that his company may partner with a global player, the report said, adding that Reliance and Amazon are in talks for a similar partnership.
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