Raj Jain, the former head of a joint venture between Walmart and Bharti Enterprises, has joined Bharti Retail as CEO.
Jain spent six years with the joint venture, Bharti Walmart, most recently serving as president of Walmart India. He left the joint venture in June 2013, four months before Walmart and Bharti announced they would independently pursue retail opportunities in India.
Joining Jain at Bharti Retail is his former joint venture colleague Panka Madan who will serve as CFO. Madan also served as CFO of Bharti Walmart but left the joint venture in 2012.
“Bharti is committed to building a world-class retail venture and we are delighted to have Raj and Pankaj on board. I am confident that their rich experience and insights into the retail business will add immense value to company’s growth plans,” said Rajan Bharti Mittal, vice chairman and managing director of Bharti Enterprises.
Walmart has not abandoned India, but in October it bought out its joint venture partner and now independently operates the Best Price Modern Wholesale stores it had previously developed in conjunction with Bharti.