Walmart proposes to establish 50 new stores in India in 5 years

GLOBAL RETAIL major Walmart has proposed to set up 50 new stores across the country in the next five years. This would include 10 stores in Telangana, for which the company signed a memorandum of understanding with the state government on Saturday. Walmart currently has 21 stores across the country. The company will invest $10 million to $12 million per store.

The MOU was signed in the presence of Telangana industries minister KT Rama Rao and Walmart Asia and Canada presidentandceodirkvandenberghe.

Walmart India president and CEO Krish Iyer and Telangana information technology principal secretary Jayesh Ranjan signed the MOU. The company plans to set up about five stores in Hyderabad and the rest are expected to come up in other cities of Telangana including Karimnagar, Warangal and Nizamabad.

Last year, the Telangana government had signed three Mous with Walmart for setting up of cash-and-carry outlets in the state. Besides, Walmart will help in giving fillip to women entrepreneurship in retail sector, purchase fruits and vegetables. This move is expected to generate 2,000 jobs in the state and will benefit over three lakh kirana stores and resellers. While the land has been finalised for the first store, the company is scouting for suitable land in other parts of Hyderabad and other cities. FE