Global retailer Walmart will be investing about $100-120 million to set up 10 new cash and carry stores in Telangana.
A Memorandum of Understanding (MoU) was singed by Walmart with Government of Telangana in this regard here on Saturday.
It will set up 10 wholesale stores in the state over a span of five to seven years. Walmart currently has one store in Hyderabad.
Walmart India president and CEO Krish Iyer said the 10 new stores in Telangana, four will come up in Hyderabad region while the rest will be in other parts of the state.The company would invest, on an average, $10-12 million per store spread over 50,000 to 60,000 sqft.
Iyer said that the company has identified four sites in Hyderabad and is also in the process of finalizing sites in Warangal, Karimnagar and Nizamabad, among others.
“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, Iyer added.