Walmart Inc. is considering investing between $80 million to $100 million each in the southern Indian states of Telangana and Andhra Pradesh over the next five years, The Times of India reported March 14, citing Walmart India President and CEO Krish Iyer.
The potential investment is part of the retail giant's goal of opening 50 stores in India, the report said. Iyer's statement follows the launch of Walmart's second Best Price cash and carry outlet in Telangana. The executive reportedly told the newspaper that Walmart India's plan to open 10 outlets in Telangana is on track.
Walmart India also plans to open its new fulfillment store concept called "Dark Store" in Telangana's capital of Hyderabad in the next six months, the Times said. The planned site, which will span 25,000-square-feet, will become Walmart's third dark store concept, following pilot trials in Mumbai and in Uttar Pradesh's Lucknow.
Iyer said the retailer has already signed land contracts for two new stores in Hyderabad, with plans to secure two more, according to the report.
For Andhra Pradesh, Walmart India is looking at opening 10 to 12 stores. The retailer is also planning to reopen its Vijayawada store, which was shut down after a blaze in September 2016, the Times added.