US-retail giant Walmart is gearing up its India presence by expanding store strength from the current 21 to 70 by 2020. For this expansion the company will invest $240 million to $300 million.
“We have a cash & carry model and the growth has been good for us. We intend to raise the numbers from 21 presently to 70 by 2020. Each store takes nearly two-three years to set up and needs an investment of $8-10 million. These will create nearly 2,000 direct and indirect jobs,” said Rajneesh Kumar, vice-president & head, corporate affairs, Walmart India. Walmart’s technology centre in Bengaluru is also expanding its role and headcount. The centre which has at present 750 is expected to ramp up to 1,200 by March this year.