Fri. Mar 29th, 2024
Walmart

Walmart will open 15 stores in UP employing 30,000 locals in the State. Walmart signed the Memorandum of Understanding (MoU) with the State government in Lucknow at the UP Investment Summit.

‘Each store is likely to create 2,000 direct and indirect jobs, thereby generating at least 30,000 local jobs in the state,’ Chief Corporate Affairs Officer Rajneesh Kumar who represented Walmart India in the Investment Summit, said.

Walmart already runs 4 Cash and Carry stores (wholesale trading whereby goods are paid in full at the time of purchase and taken away by the purchaser) and one recently launched fulfilment center (FC – process of receiving, packing and shipping of goods in e-commerce) in Lucknow. This created close to 1,500 jobs in UP. With the existing stores in Lucknow, Agra and Meerut, Walmart plans to open other stores in Varanasi, Kanpur, Allahabad, Moradabad, Saharanpur, Gorakhpur among many others.

Walmart will attend the ground breaking ceremony in Lucknow on Sunday where the Prime Minister Narendra Modi and Chief Minister Yogi Adityanath will consider the progress of the MoUs signed during the Summit.

‘UP is a priority growth state for us. Walmart is making deep investment in agriculture supply chain, enhancing small farmers capabilities and sourcing from them for its stores in UP and other states’, said Kumar, who will also be attending the event on Sunday.

Walmart acquired 77% stake in Flipkart.

Setbacks in UP

Previously, a Korean firm decided to invest ₹90,000 cr in Uttar Pradesh and signed the MoU. Media reports later revealed the annual revenue of the company at $1 million to $2 million, approximately 0.01% of the proposed ₹90,000 cr investment in UP. Since then UP has held a dismal track record in investments.

Debt is at 30% of the State’s GDP and in FY 2018-19, it is expected to issue ₹62,980 cr to service its debt.

By Varsha Santosh

I like to learn more about the little complexities of life, money

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