Wal-Mart adds $102.9 million in Indian wholesale business in June

Source : REUTERS
Last Updated: Mon, Jul 21, 2014 08:47 hrs
Customers shop inside a Best Price Modern Wholesale store, a joint venture of Wal-Mart Stores Inc and Bharti Enterprises, at Zirakpur in the northern Indian state of Punjab

Mumbai: Wal-Mart Stores Inc has infused fresh funds worth 6.2 billion rupees ($102.9 million) into its Indian wholesale business in June, according to a filing made by its Indian unit to the Registrar of Companies.

The funds were allotted as share application money, the filing showed.

Wal-Mart runs 20 wholesale stores in the country and plans to roll out 50 more over four to five years. The retailer has already launched its e-commerce operations, to sell to small businesses, in the cities of Lucknow and Hyderabad earlier this month.

($1 = 60.2800 Indian Rupees)




More from Sify: