Thailand-based retailing firm Siam Makro PCl on Thursday announced entry into the cash and carry segment in India and plans to invest around Rs 1,000 crore in the next five years. Part of the $50 billion Charoen Pokphand (CP) group, the company will operate under the brand name ‘lots Wholesale Solutions’.
“We are planning to open 15 stores within next three years and we are looking for investment in this country Rs 1,000 plus crore in the next five years,” lots Wholesale Solutions Managing Director Tanit Chearavanont told reporters here.
It would directly compete with retailers such as Walmart Stores Inc, Metro Cash and Carry and Booker in the cash-and- carry market, which is estimated to be around Rs 7,000 crore. In the first three years, lots Wholesale Solutions would focus on the north Indian market and aims to create around 5,000 direct and indirect jobs through its 15 wholesale distribution centres.