Monday, April, 15, 2024 01:50:17

The US-based retail giant Walmart has reportedly revealed a plan to invest about INR 3,200 crore to add over 47 new B2B carry and cash outlets in India. As per trusted sources, this would expand the retailer’s presence in the nation and take the total number of its stores to 70 by the end of 2022.

According to a report, Walmart inaugurated its 23rd wholesale outlet in Visakhapatnam on 31st October and is said to be in talks to acquire land which would be used set up a second store in the city. Reportedly, the Vishakhapatnam Walmart outlet is anticipated to create about 2000 job opportunities.

Sources familiar with the knowledge of the matter have been reported to claim that Walmart is looking forward to opening a large number of fulfillment centers across the entire nation. The company apparently plans to invest in a third fulfillment center in Hyderabad and also open two new centers across other cities.

The President and Chief Executive Officer of Walmart India, Krish Iyer was reportedly quoted stating that Cash and Carry business is forecast to grow substantially in India with overall retail trade projected to garner more than USD 1.8 trillion in the next ten years. Out of this USD 1.8 trillion, about USD 600 billion will be modern trade and around USD 1.2 trillion would be traditional trade, Iyer further added.

Reportedly, the Best Price stores of Walmart India and the marketplace business of Flipkart would function independently and Flipkart would continue to be a board-managed firm of Walmart.

Iyer also stated that Walmart has a total stake of around 77 percent in Flipkart. However, there is no plan to integrate and the entire management continues to be the same as both the companies would operate completely independently, Iyer further elaborated.