MUMBAI, Sept 30 (Reuters) - Wal-Mart Stores Inc’s India unit has sought an extension of its equity conversion date in Cedar Support Services, the parent firm of Bharti Retail, its joint venture partner in India.
Wal-Mart had invested $100 million in 2010 in Cedar in exchange for “compulsorily convertible debentures” that can be exchanged for 49 percent in Cedar. The conversion deadline has been extended twice previously, most recently to Sept. 30.
A Wal-Mart India spokeswoman told Reuters on Monday that the company had filed to extend the conversion date again.
Wal-Mart, the world’s largest retailer, has yet to apply to open its own retail stores in India despite a rule change last year allowing global retailers to own 51 percent of their Indian operations.