U.S.-based Wal-Mart, the world's biggest retailer, Wednesday announced ending its joint venture with one of India's biggest business groups, Bharti Enterprises, to go alone in the retail sector.

Wal-Mart said that it will soon acquire Bharti's stake in the joint venture, which has been operating wholesale cash and carry stores in India.

According to a statement jointly issued by both companies, the two firms have reached an agreement to independently own and operate separate business formats in India and discontinue their franchise agreement in the retail business.

"Upon receipt of required clearances, Wal-Mart would acquire Bharti's stake in Bharti Wal-Mart Pvt Ltd, a joint venture between Bharti and Wal-Mart, giving Wal-Mart 100 percent ownership of the Best Price Modern Wholesale cash and carry business," the statement said.

However, both companies have refused to disclose the monetary terms of the split.

"Through Wal-Mart's investment in India, including our cash and carry business, supply chain infrastructure, direct farm program and supplier development, we want to serve India and its people," Scott Price, chief executive of Wal-Mart Asia, said in a separate statement.

India last year opened up its multi-brand retailing sector to foreign investors.

But so far no foreign firm has applied to enter the market, prompting India to ease key rules governing foreign direct investment in the multi-brand retail sector in August this year. Endi

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