Bharati, Wal-Mart acquires four acres land in Goa
While Foreign Direct Investment (FDI) in Retail has led to a ruckus in both the Lok Sabha and Rajya Sabha; GoaChronicle.com has learnt through informed sources that the Bharati and Wal-Mart 51:49 per cent Joint Venture has finalized a four acre property in North Goa for its Cash-n-Carry concept. The entire transaction is expected to be completed within the next 20 days.
Currently, under the brand Easy Day, Wal-Mart along with Bharati has been making its presence felt in the Indian market. The question on the 100 per cent FDI in retail has brought the issue of protection of Indian retail shop owners and farmers (whom form a part of the supply chain) back to the fore in the political imbroglios.
The Cash-n-Carry concept of Wal-Mart functions more as a ware-house from which retailers across Goa can procure products at competitive prices to offer to their consumers.
Of the 4 acre, GoaChronicle.com has learnt that 50,000 sqft will be used as a ware-house for its supplies to the local retailers, who can call in for the supplies and the supplies will be delivered across Goa. The company also plans to hire close to 100 vehicles to transport the goods across Goa.
So far as Goa is concerned the company is not looking at a retail outlet yet; but any future course of action on this front cannot be ruled out as it depends availability of a suitable location for an Easy Day retail outlet, the market though according to company sources in Goa looks promising.