Bharti Walmart to spread its wings

Bharti Walmart, joint venture between Bharti and US based Walmart, has decided to open more retail stores in the country.

The company, at present, owns 40 retail stores and it is planning to open around 40 more stores by this December. It also hopes to open three cash-and-carry wholesale stores preferably in Rajasthan and Madhya Pradesh.

The company discloses its plans to capture the market in south in the next year.

The company plans to invest $2 billion in the next 10 years with yearly expansion basis. Bharti has two distribution centres in Haryana and Punjab. It has also tied up with 150 farmers in Punjab to buy vegetables directly from them on a trial basis.

The company delegates are happy with the government proposal to permit 49% FDI in multi-brand retailing.

"Let the government get the feel of it. What value it can add. As an industry, it is only at the starting point. It should create an ecosystem and a conducive environment for agriculture, logistics, foodgrain and also for manufacturing," Ranjan Bharti Mittal, vice chairman of Bharti Enterprises said.

Mittal foresees to grow to 20 percent in 10 years which is at present 4-5 percent.