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Wal-Mart's expansion in India slowed, Reuters reports

Last September India said it would allow foreign supermarket chains to take majority ownership of their Indian operations, a victory for Wal-Mart Stores. But now red tape and graft are delaying application for its first retail store license until at least March 2015. And then it needs another 12 to 18 months after winning government approval to open each store. Plus, Bharti Enterprises, its local partner in an existing wholesale business, is reconsidering its commitment to their JV given the heavy investment requirement and distant prospects for returns, sources say.