Multinational companies are taking full advantage of the Foreign Direct Investment Scheme announced by Govt. of India. The largest retail store of America seems to be in the forefront. It has already opened 18 outlets in India. It has adopted the policy of joint ventures with Indian companies.
At a time when U.P.A’s major ally, Trinamol Congress had withdrawn its support from the Govt., Wall Mart has established its third Retail outlet in Attapur in the outskirts of Hyderabad city. Wall Mart is transacting its business successfully in Guntur and Vijayawada.
The recent outlet in Hyderabad is located at pillar no. 270 on the ring road in Attapur . It occupies an area of 53 thousand sq.ft. As a result of the establishment of this store, the land value of the area has risen from Rs.15, 000 to Rs.30, 000 per sq.yard. Rentals of commercial and residential complexes have also gone up exorbitantly.
Wall-Mart’s store is named “Best Price”. It is located on the land belonging to Yadi Reddy. It fetches a monthly rent of Rs.20 lakh. This retail store has registered more than 70 thousand individual and instructional members so far, which include kirana shops, retailers, hotels, caterers and offices, educational and other commercial institutions. It proposes to start business on 26th September. Customers would get more than 5000 items under one roof which include fresh vegetables, milk, curd, butter, cheese, pure ghee, canned food, electronic goods etc.
The management of “Best Price” told that the registered customers would get free transportation for delivering the goods at their places.
The first “Best Price” store was opened in Punjab in 2009. In A.P. two such stores were opened at Guntur & Vijayawada last year. New outlets would be opened in Tirupathi, Eluru, Kurnool and Khammam soon.
The sources indicated that “Best Price” is a store, which would have an annual, turn over of Rs.15 crore. In A.P., its retail business would reach Rs.75 crore. The experts expect that taking advantage of Govt’s policy on F.D.I’s, there would be 50 to 60 such stores throughout the country in another couple of years.
The company would prefer to employ local persons because it is beneficial for it.
—-Siasat News