October 31, 2018 / 2:21 PM / 4 months ago

Walmart India to spend $500 million to open 47 stores: report

The logo of Walmart is seen outside of a new Walmart Store in San Salvador, El Salvador, August 21, 2018. REUTERS/Jose Cabezas/Files

(Reuters) - Walmart Inc’s India unit will invest about $500 million to open 47 stores in the country by 2022, CNBC-TV18 reported on Wednesday, citing the Press Trust of India news agency.

“We are planning to take the total number of stores to 70 by 2022,” Krish Iyer, chief executive officer of Walmart India, was quoted as saying in the report.

“That is the plan and we will also have e-commerce space in all the stores.”

Earlier this year, the U.S retail giant acquired about 77 percent stake in Indian e-commerce firm Flipkart for roughly $16 billion, in one of the biggest foreign investments.

Reporting By Arnab Paul in Bengaluru; Editing by Maju Samuel

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