Metro invests Euro 45 mn for two new stores in India
Global wholesale chain Metro on Monday said it is investing about Euro 40-45 million for setting up two new stores in India.
By PTI |
NEW DELHI: Global wholesale chain Metro on Monday said it is investing about Euro 40-45 million for setting up two new stores in India, expected to be operational by the first quarter next year, and is looking to set up more facilities across the country.
"Currently construction on two facilities, one each in Mumbai and Kolkata are underway. While the Mumbai store will be operational by the first quarter of next year, the Kolkata one is expected to start functioning by April next year," Metro Cash & Carry Regional Operating Officer Asia James Scott told reporters here on the sidelines of India Economic Summit.
Asked about the investments, he said: "Typically one store requires anything between Euro 20-25 million but between the two stores it could be Euro 40-45 million."
The two new stores will have a combined sales area of 75,000 square feet, he added.
Scott said besides Mumbai and Kolkata, the company is also looking at setting up new stores in other parts of India, particularly Punjab.
"We are aggressively looking out for expansion, especially in Punjab where we see a good opportunity to source as well sell our products," Scott added.
Currently, Metro has two stores in Bangalore and one in Hyderabad. While it is allowed to sell fruits and vegetables in the Hyderabad store, its Bangalore store has not been selling the items due to restrictions by Agricultural Produce Marketing Committee (APMC) Act.
"Currently construction on two facilities, one each in Mumbai and Kolkata are underway. While the Mumbai store will be operational by the first quarter of next year, the Kolkata one is expected to start functioning by April next year," Metro Cash & Carry Regional Operating Officer Asia James Scott told reporters here on the sidelines of India Economic Summit.
Asked about the investments, he said: "Typically one store requires anything between Euro 20-25 million but between the two stores it could be Euro 40-45 million."
The two new stores will have a combined sales area of 75,000 square feet, he added.
Scott said besides Mumbai and Kolkata, the company is also looking at setting up new stores in other parts of India, particularly Punjab.
"We are aggressively looking out for expansion, especially in Punjab where we see a good opportunity to source as well sell our products," Scott added.
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Currently, Metro has two stores in Bangalore and one in Hyderabad. While it is allowed to sell fruits and vegetables in the Hyderabad store, its Bangalore store has not been selling the items due to restrictions by Agricultural Produce Marketing Committee (APMC) Act.
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