Each store will require an investment of about $10 to $12 million and will create over 2,000 diret and indirect jobs, said Krish Iyer, president and CEO of Walmart India while addressing the media after signing the agreement.

The US based retail chain aims to open 50 cash and carry stores across India in the next five to seven years including the 10 stores that will come up in Telangana, added Iyer. It already has 21 wholesale stores in India.

Close to 95 per cent of the goods for its wholesale stores are sourced by Walmart from India, said Iyer.

The government of Telangana is also in the process of introducing a retail policy soon, said KT Rama Rao, industries minister of the state. (KD)

Fibre2Fashion News Desk – India