Hyderabad, April 29 (IANS) Global retail giant Walmart will set up 50 new stores across India over the next three to four years, a top company official said on Saturday.
The new stores would include 10 in Telangana, for which the US retailer signed a Memorandum of Understanding (MoU) with the state government.
It will invest $10 to $12 million in each store, which would create direct and indirect employment for 2,000 people.
Walmart currently has 21 stores in India, including one in Hyderabad.
Walmart executives and Telangana government officials signed the MoU in the presence of state Industries Minister K.T. Rama Rao, President and CEO, Walmart Canada and Asia, Dirk Van den Berghe and President and CEO Walmart India, Krish Iyer.
Talking to reporters on the sidelines, Rajneesh Kumar, Senior Vice President and Head Corporate Affairs, Walmart India, said their focus in South India would be on Telangana and Andhra Pradesh.
The company has already signed a MoU with Andhra Pradesh.
In north India, Walmart is focusing on Uttar Pradesh, Haryana and Punjab. It already has MoUs with Haryana and Punjab.
Maharashtra is another state that Walmart will be focusing on for its expansion plans.
Krish Iyer said four of the 10 new stores planned in Telangana would come up in Hyderabad.
Walmart is looking at tier-II cities like Warangal, Karimnagar and Nizamabad to open the new stores.