Walmart to open 50 new stores in India
HYDERABAD: Global retail giant Walmart will set up 50 new stores across India, including 10 in Telangana, over the next three to four years, a top company official said.
The US retailer signed a Memorandum of Understanding (MoU) with the Telangana government for the 10 stores. It will invest $10 to $12 million in each store, which would create direct and indirect employment for 2,000 people.
Walmart currently has 21 stores in India, including one in Hyderabad.
Spread over 50,000 to 60,000 square feet, each store serves 300,000 customers including 30,000 kirana shops.
Walmart executives and Telangana government officials signed the MoU in the presence of state Industries Minister K T Rama Rao, President and CEO, Walmart Canada and Asia, Dirk Van den Berghe and President and CEO Walmart India, Krish Iyer. Dirk said Walmart was committed India and the country with its to efficient economy was an important market for them.
Stating that Walmart has presence in 28 countries, he said it would continue to invest more in India in local communities, build businesses, train people and develop suppliers.
Krish Iyer said four of the 10 new stores planned in Telangana would come up in Hyderabad.
Walmart is looking at Tier-II cities like Warangal, Karimnagar and Nizamabad to open the new stores.
He said the company would work with kirana shops, hotels, restaurants, caterers, offices and institutions to help them grow their business by selling them merchandise of highest quality at low prices.