Hyderabad- Walmart, a Global retail major, has signed a memorandum of understanding (MoU) with Telangana government here today to set up 10 stores in...
Hyderabad- Walmart, a Global retail major, has signed a memorandum of understanding (MoU) with Telangana government here today to set up 10 stores in the State in next five years with an investment of about Rs 800 crore.
The MoU was signed by Walmart CEO (India) and President Krish Iyer and Telangana Government Principal Secretary ( Information Technology), Jayesh Ranjan, in the presence of Telangana Minister for Industries K T Rama Rao and Walmart CEO and President ( Asia and Canada) Dirk Vandenberghe.
Speaking on the occasion, Mr Rao, who is also the Minister for Information Technology, said as part of expansion in the country, Walmart is planning to set up 10 stores in the state and it is a sign of the progressive industrial policies introduced by the Telangana government.
Walmart’s foray into the State will boost its efforts and would be benefited by the small and marginal farmers and women self-help groups, the Minister said.
Walmart CEO (India) and President, Krish Iyer, said the company will set up about five stores in Hyderabad in first phase and the remaining will be established in other major cities and towns in the state in a phased manne With this expansion, it is expected to generate 2,000 jobs in Telangana besides benefitting 3 lakh kirana stores and re-sellers in the state.
Land has been finalised for the first store and the company is searching for suitable lands for other stores in Hyderabad and also other cities, he added.
The company had currently operating 21 stores in the country.