Global retailer, Walmart will invest about $100-120 million in Telangana in setting up 10 new cash and carry stores.
A Memorandum of Understanding (MoU) was singed by Walmart with Government of Telangana in this regard here on Saturday.
``While we don’t disclose numbers, each store will need about $10-12 million to set up,’’ Krish Iyer, President and Chief Executive Officer, Walmart India told newspersons after signing the MoU.
The MoU will facilitate single-window clearance for Walmart for setting up new stores which will come up in Hyderabad, Karimnagar, Nizamabad and Warangal, among others, over next five to seven years. Walmart now has one store in the state capital.
``Our focus is always on small towns. Each store will create 2000 jobs. We will work with the owners of kirana shops, small and marginal farmers and women entrepreneurs,’’ he said.
Walmart which has 21 stores across the country now, will also ramp up their number to 50 in next five years. It generally sources 97 per cent of products within the country including 15 per cent from the region in which it operates. Walmart will continue to evaluate India’s FDI policy in retail, he added.
Dirk Van den Berghe, EVP & Regional CEO - Canada & Asia and President & CEO of China for Walmart said India has always been an important place for Walmart and it will continue to invest to build stores and develop suppliers. ``We are increasing our focus on outsourcing from India,’’ he said.
K T Rama Rao, Minister for IT and Industries, Government of Telangana said a comprehensive retail policy will be announced by the Government soon to promote ease of doing business for retailers.