After weeks of speculation, Sunil Mittal, chairman of Indian conglomerate Bharti Group, today reportedly confirmed a joint venture between his company and Wal-Mart that will allow the world's largest retailer to begin selling its discounted goods in India.

Wal-Mart had hoped to enter India on its own, and John Mezner, CEO of international operations, told shareholders at the company's annual meeting this summer about promising talks with Indian government officials. But those talks didn't change rules that restrict foreign ownership. And with North American sales slumping, it seems Wal-Mart decided it couldn't wait any longer to tap India's $250 billion retail market. — Suzanne Stevens

Join Corporate Dealmaker's LinkedIn forum