1. The document discusses a joint venture between Bharti Enterprises and Wal-Mart Stores Inc. to explore business opportunities in the Indian retail industry through a Memorandum of Understanding signed in November 2006. 2. The joint venture will be a 50:50 partnership focused on cash-and-carry wholesale operations, with Bharti Enterprises investing up to $2.5 billion and Wal-Mart investing an undisclosed amount. 3. The joint venture aims to open hypermarkets and neighborhood stores in India beginning in August 2007, bringing Wal-Mart's supply chain expertise while leveraging Bharti's local market knowledge.