Global retail major walmart has plans to open 10 cash and carry wholesale stores in telangana state over next 5 to 7 years with an investment of about $120 million.
walmart has inked an agreement with telangana goverment for setting up 10 stores in telangana state.
According to walmart company’s india president and CEO Keish Iyer “We see potential to open ten stores in the next five to seven years (in Telanagana). Typically each store needs roughly about $10 to $12 million. Each store will create about 2,000 jobs both direct and indirect,” Krish Iyer, President and Chief Executive Officer, Walmart India told reporters after signing the MoU.
Out of Ten , four stores may come up in the state capital Hyderabad. Iyer also said they have plans to open 50 more outlets across the country in the next five to seven years. Currently walmart has 21 cash and carry stores in India.
Telangana Industries Minister K T Rama Rao said the telangana state government is in the process of coming out with a Retail Policy soon.
Warangal, Karimnagar and Nizamabad, among tier-II and III cities, are locations where other stores are to be set up in Telangana.The size of the stores will be in the range of 50,000-60,000 sq ft each.
For Walmart, Telangana and Andhra Pradesh in south India, Punjab, Haryana and Uttar Pradesh in the north and Maharashtra are the focus States for expansion. Walmart sources over 95 per cent of the goods from the same country.