Walmart signs MoU to open 15 stores in Maharashtra, India


US-based retail chain Walmart has signed a memorandum of understanding (MoU) with the state government of Maharashtra, India, to invest Rs9bn ($139.41m) to open 15 wholesale stores in the region.

The proposed cash and carry outlets will add to the two existing stores in Aurangabad and Amravati.

The investment will enable the retailer to create 30,000 jobs.

"The investment will enable the retailer to create 30,000 jobs."

The development comes after the company announced plans in April to open 50 new outlets across the country by 2020.

Walmart India currently owns 21 stores under Best Price Modern Wholesale banner in nine states.

Earlier this week, Walmart’s rival company Amazon secured the necessary approvals from the Indian Government to invest in food retail, which will allow the retailer to sell groceries and food products.