Bharti Walmart to open 12 new stores by Dec

NEW DELHI, May 6 (PTI): Intensifying its expansion, Bharti Walmart Pvt Ltd Thursday said it will open up to 12 new wholesale stores across India by end of 2011. While the firm, a 50:50 joint venture between India's Bharti Enterprises and US-based Walmart stores, did not specify investments on the new stores, based on the company's investment per store, it could pump in nearly $85 million on the new stores planned. "Bharti Walmart would be launching 10-12 new Best Price Modern Wholesale cash-and-carry stores by end of 2011," a Bharti Walmart spokesperson said. When asked about the investments that is likely to be made on the new stores, the spokesperson said: "One store requires an investment of about $7 million". The company that has five stores at present opened a new one at Ludhiana in Punjab today, taking its investments in the state to over $30 million. It also has a store each in Rajasthan and Madhya Pradesh catering. Its total registered members is around 0.1 million. According to the spokesperson, the company has already invested over $40 million in the country so far on opening stores. In a statement, Bharti Walmart Chairman Rajan Bharti Mittal said the company will expand its presence in South and Central India. The JV launched its first B2B Best Price Modern Wholesale cash-and-carry store in Amritsar in May, 2009. 'Best Price Modern Wholesale store' caters to restaurant owners, hoteliers, caterers, fruit and vegetable re-sellers, kirana store owners, offices and institutions. Spread over 53,000 square feet, the new store in Ludhiana will stock over 5,600 items, including a wide range of fresh and frozen foods, fruits and vegetables, groceries, personal and home care, hotel and restaurant supplies and apparels.