The company today inked an agreement with the Telangana government for setting up ten such stores in the state.
Walmart India has plans to open 10 wholesale outlets in Telangana during the next five to seven years with an investment outlay of about USD 120 million, a top executive of the retail giant said here today. The company today inked an agreement with the Telangana government for setting up ten such stores in the state.
“We see potential to open ten stores in the next five to seven years (in Telanagana). Typically each store needs roughly about USD 10 to USD 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.
Of the ten, four stores may come up in the state capital Hyderabad, he said. Replying to a query, Iyer said they have plans to open 50 more outlets across the country in the next five to seven years, including these ten. Currently it has 21 cash and carry stores in India. Walmart sources over 95 per cent of the goods from the same country, he added. Telangana Industries Minister K T Rama Rao said the state government is in the process of coming out with a Retail Policy soon.