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Days after the Finance Minister opened another door for FDI in multi-brand retail in his Budget speech, Bharti Walmart said it is raising Rs 500 crore for expansions.
“We are in talks with various banks to raise funds. The money is being raised for investing in building of an efficient back-end infrastructure and for our Best Price Modern Wholesale Cash and Carry store roll out programme,” said a spokesperson from Bharti Walmart, the JV between US retailer Walmart and Bharti Enterprises.
Bharti Walmart has 17 stores pan-India. “We are planning to open 12-15 stores by the end of this year,” the spokespersons said.
Sources say it's in talks with Citigroup, JP Morgan Chase, Deutsche Bank and BNP Paribas among others.
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