Bharti Walmart Pvt Ltd will invest over $40 million (around Rs 180 crore) in India by March next year to set up to six new 'Best Price Modern Wholesale' stores to expand presence in the country.
The company, a 50:50 joint venture between India's Bharti Enterprises and US-based Walmart Stores, on Thursday announced opening of a new cash-and-carry store in Ludhiana in Punjab.
"Bharti Walmart is expected to open 10-12 Best Price Modern Wholesale stores in India by end of this year and expand its presence in South and Central India," Bharti Walmart Chairman Rajan Bharti Mittal said in a statement.
With six stores already operational, the company is likely to open another six new stores by March 2012.
When asked about the investments that is likely to be made on the new stores, a company spokesperson told PTI: "One store requires an investment of about $7 million".
For the six new stores, it is likely that the company could invest over $40 million. With the latest store, Bharti Walmart has so far opened four stores in Punjab alone and has crossed investment of $30 million in the state, the company said.
It also has a store each in Rajasthan and Madhya Pradesh catering. Its total registered members is around one lakh.
The JV launched its first B2B Best Price Modern Wholesale cash-and-carry store in Amritsar in May, 2009.
'Best Price Modern Wholesale store' caters to restaurant owners, hoteliers, caterers, fruit and vegetable re-sellers, kirana store owners, offices and institutions.
Spread over 53,000 square feet, the new store in Ludhiana will stock over 5,600 items, including a wide range of fresh and frozen foods, fruits and vegetables, groceries, personal and home care, hotel and restaurant supplies and apparels.