The MoU was signed in the presence of Telangana industries minister KT Rama Rao and Walmart Asia and Canada president and CEO Dirk Vandenberghe.
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 president and CEO Dirk Vandenberghe.
Walmart India president and CEO Krish Iyer and Telangana IT 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.This is part of the 50 new stores that the company is planning to develop in next five years. It already operates 21 stores in the country. The cash-and-carry stores of Walmart are aimed to help small and medium-sized kirana stores and farmers as well.“Telangana will soon come out with a dedicated retail policy. The retail policy will primarily focus on facilitating business and rolling out stores. Ikea is investing in Hyderabad and many other companies are interested.
An industry-friendly policy can help these companies flourish. Walmart, which has now announced its investment plan. will get certain incentives and support from the government. Under the single window system, it will receive speedy clearances, ” Telangana industries minister KT Rama Rao said. The state government’s proactive retail policy will help as a one-stop shop and the fresh expansion is a sign of the progressive industrial policies that Telangana has introduced and trust built in the ecosystem, he added. Telangana is working towards women empowerment through 18,000 women self-help groups (SHGs) and is benefiting about seven million women.