Walmart India has opened its first B2B cash and carry store near Autonagar Arch at Gajuwaka in Visakhapatnam. Present at the launch was Andhra Pradesh IT Minister Nara Lokesh.
Walmart India has opened its first B2B cash and carry store near Autonagar Arch at Gajuwaka in Visakhapatnam. Present at the launch was Andhra Pradesh IT Minister Nara Lokesh.
"We are highly excited about opening the first B2B Cash and Carry Store in the city of Vizag in the midst of the festival season. This is our fourth store in the state of Andhra Pradesh, which reinforces our belief in the ease of doing business under the leadership of Andhra Pradesh Chief Minister N Chandrababu Naidu," said Krish Iyer, President and CEO, Walmart India.
"This store also gives us the opportunity to continue to create shared value for our supplier partners, farmers, members, associates and the community at large. Each of our stores creates an estimated 2,000 direct and indirect jobs and this one too has opened up employment opportunity in Vizag," Iyer added.
A day after announcing USD 16 billion investment in India's largest online retailer Flipkart, Walmart Inc earlier had said it will continue to grow its wholesale cash-and-carry business, adding 50 new stores in the next four-five years.
"We currently have 21 stores and plan to open 50 stores in 4 to 5 years. Plans are on track," Walmart India President and CEO Krish Iyer said at a select media roundtable called to explain the Flipkart deal.
Walmart Chief Executive Doug McMillon said Flipkart, in which the US retailer is acquiring 77 per cent stake, would continue to operate as a separate board-managed company with co-founder Binny Bansal as the CEO.
Flipkart gives Walmart an online presence. So far it had been handicapped by India's retail policy that does not allow overseas companies to sell directly to consumers (except in wholesale cash-and-carry segment).
Companies like Flipkart and Amazon operate as e-commerce marketplaces -- a segment where 100 per cent foreign direct investment (FDI) is allowed.
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 "Walmart India opens first store in Visakhapatnam")
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