Walmart to invest Rs 900 cr to open 15 outlets in Maharashtra, create 30,000 jobs

Walmart India currently owns and operates 21 best price modern wholesale membership clubs across nine states, offering nearly 5,000 items

PTI July 12, 2017 19:56:53 IST
Walmart to invest Rs 900 cr to open 15 outlets in Maharashtra, create 30,000 jobs

Mumbai: American retail chain Walmart will invest Rs 900 crore to open 15 outlets catering to wholesalers in Maharashtra, the state government said today.

"Walmart will open 15 additional modern wholesale cash and carry stores in the coming years by investing Rs 900 crore," an official statement from the Chief Minister's Office said here.

These stores will generate 30,000 direct and indirect jobs in the western state, it added.

Walmart to invest Rs 900 cr to open 15 outlets in Maharashtra create 30000 jobs

Representational image. AFP

The state's industries department signed a memorandum of understanding (MoU) with officials from Walmart in the presence of Chief Minister Devendra Fadnavis earlier today with regard to the network expansion.

The American retail giant has two stores at present in Maharashtra - in Aurangabad and Amravati.

Chief Minister's Additional Chief Secretary Pravinsingh Pardeshi, Additional Chief Secretary (Industries) Sunil Porwal, Development Commissioner Harshdip Kamble and Walmart's India head Krish Iyer were also present at the MoU signing ceremony, it said.

At present, Indian laws do not permit full foreign direct investment in single brand retail due to which many of the global brands are operating in the cash and carry format which serves only wholesalers.

Walmart India currently owns and operates 21 best price modern wholesale membership clubs across nine states, offering nearly 5,000 items.

The company plans to open 49 more such outlets by 2020, it had earlier said.

Updated Date:

also read

Pune: Raj Thackeray's MNS demands written assurance from maulavis about not using loudspeakers for azaan
India

Pune: Raj Thackeray's MNS demands written assurance from maulavis about not using loudspeakers for azaan

If the police don't take assurance from maulavis, party workers will recite Hanuman Chalisa in front of police chowkies, as the next stage of protest, MNS said

Maharashtra: Case against Marathi actress for 'derogatory' post on Sharad Pawar; NCP leaders seek strict action against her
Politics

Maharashtra: Case against Marathi actress for 'derogatory' post on Sharad Pawar; NCP leaders seek strict action against her

The post targeting Sharad Pawar shared by the TV and film actress on Friday was purportedly written by someone else

Nashik: Pharmacy student arrested for 'objectionable' tweet against Sharad Pawar
India

Nashik: Pharmacy student arrested for 'objectionable' tweet against Sharad Pawar

In his tweet, the student had said that time has come to create "Baramati's Nathuram Godse for the Gandhi of Baramati"