The chairman of Indian telecommunications company Bharti Enterprises has announced a joint venture with Wal-Mart that will let the American superstore chain open hundreds of Wal-mart stores in India over the next five years. Large retailers such as Wal-Mart, France's Carrefour, and England's Tesco have been looking for ways to get around Indian regulations to take advantage of the fast-growing market there. Wal-Mart has recently pulled out of South Korea and Germany, where they failed to adapt to the local cultures, but Bharti's knowledge of Indian consumers should make things easier for Wal-Mart in that country. According to Bharti chairman Sunil Mittal, "It is the last and a very big frontier. Brazil is done. China is done. This is the last Shangri-la of retail. Where will Tesco or Wal-Mart get their growth? Here."