American retail chain, Walmart will invest Rs 900 crore to open 15 outlets catering to wholesalers in Maharashtra, the state government said.
According to an official statement from the Chief Minister's Office, "Walmart will open 15 additional modern wholesale cash and carry stores in the coming years by investing Rs 900 crore."
These stores will generate 30,000 direct and indirect jobs in the state.
The state industries department signed a Memorandum of Understanding (MoU) with Walmart. Chief minister Devendra Fadanvis was present at the occasion.
The American retail giant has two stores at present in Maharashtra, in Aurangabad and Amravati.
Pravin Pardeshi, additional hief secretary at chief minister office, Sunil Porwal, additional chief secretary for industries, Harshdeep Kamble, development commissioner and Krish Iyer Walmart’s India head were among others present at the time of signing of MoU.
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 5000 items.