Bharti Walmart, the 50:50 joint venture between Bharti Enterprises and US-based Walmart, today opened its third wholesale store in Punjab, taking the company's investment in the state to $25 million (about Rs115 crore).
Bharti Walmart opened its first cash-and-carry store — 'Best Price Modern Wholesale' — in Amritsar in May, 2009, and added another outlet near Chandigarh this year.
The JV is expected to open 10 to 15 wholesale cash-and-carry facilities and employ approximately 6,000-7,000 people over the next three years.
"We are committed to provide a wide range of quality products to kirana stores, retail chains and other institutions at the lowest prices, as well as creating sourcing linkages with farmers and small manufacturers," Bharti Walmart chairman Rajan Bharti Mittal said.
The firm claims to sell a wide range of products at very competitive prices at the store, enabling retailers and small businesses to lower their cost of operations.
Bharti Walmart managing director and CEO Raj Jain said the firm has so far invested close to $25 million in Punjab.
The store is spread over 63,000 square feet and will sell about 5,400 items -- ranging from vegetables to clothes -- to kirana stores, retail chains and other institutes.
Laws in India currently allow 100% foreign direct investment in wholesale stores and up to 51% FDI in single brand retail, but the multi-brand retail segment has not been opened up.
During the launch, Jain hinted that the government should open up FDI in multi-brand retail.
"(We) are optimistic that the government, equally committed to working for the benefits of the farmer and consumer, will open up FDI for multi-brand retailing," he said.
After inaugurating the store, Punjab deputy chief minister Sukhbir Singh Badal expressed hope that the new store would provide a platform to small farmers as well as manufacturers to sell their quality products at remunerative prices.
