Walmart's Krish Iyer believes the administrative reforms taken by Prime Minister Narendra Modi have been very encouraging.
We certainly want to be in Gujarat and we have been studying the opportunities here for the last few months and we will make out our plans
Krish Iyer
President & CEO
Walmart
CNBC-TV18 caught up with Walmart India CEO Krish Iyer on the sidelines of the 7th Vibrant Gujarat Summit, where he said the administrative reforms by Prime Minister Narendra Modi have been very encouraging. According to him, the focus on ease of doing business is very important.
Walmart is planning to set up 50 new stores in India over the next five years. The company currently has approximately 20 stores across nine states in the counrty.
Below is verbatim transcript of the interview:
Q: What is your view on the reform drive in India?
A: The administrative reforms which Prime Minister Modi and his team have embarked upon have been very encouraging. The direction is right, the focus on ease of doing business is very important and it's a bit too early to start expecting results so we are certainly encouraged by what's been happening in the country.
Q: Is Gujarat an important investment destination for you? In terms of you expansion plans in 2015-2016, any road map and where does Gujarat figure?
A: Currently, we do not have any store in Gujarat. We are present in nine states. Ten states in India account for more than 80 percent of the gross domestic product (GDP) of the country and Gujarat is one of them.
Q: Are you now looking at expanding it in Gujarat?
A: We certainly want to be in Gujarat and we have been studying the opportunities here for the last few months and we will make out our plans.
Q: What are your expansion plans for 2015 specifically in the cash and carry business? Any newer areas that you are looking at touching upon or are you looking at expanding in tier II cities as well?
A: It's more relevant to talk about a five year timeframe because it takes time to put up the stores so on a five year time frame, we are looking at putting up 50 more stores. Currently we have 20 stores.
In addition, over the next three to five years we will also scale up our B2B e-commerce business significantly. Those are our plans. We will continue to focus on the Tier I, Tier II cities and we will look at new geographies as well and as I explained earlier, Gujarat is one of them.
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