Walmart India is scouting for a four-acre plot near Mumbai to set up a store. The search follows an agreement it has signed with the Maharashtra government to start 15 outlets in the state with an investment of $150 million.
“A place around the city of Mumbai would be more viable and more affordable for our format. Our box sizes are 50,000-60,000 sq ft with 125 car parks etc..,” Krish Iyer, chief executive officer and president of Walmart told BloombergQuint on the sidelines of India Retail Forum.
Walmart has also signed an initial term sheet for a property in Pune, said Iyer. The cash-and-carry chain expects to open 50 stores over the next five years across the country. It currently operates 21 stores in nine states.
Iyer said Walmart is being careful and strategic with its expansion plans and will not be in a hurry to pan-India.
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