IANS

New Delhi, May 21: Wal-Mart, the world's largest retailer, is set to open its first wholesale or cash-and-carry store in India next week and has chosen Amritsar as the location to kick-start the venture, company officials said.

The US-based giant has also decided to call its cash-and-carry venture BestPrice Modern Wholesale to offer retailers bargains that would eventually benefit end consumers, the officials added.

The venture is in collaboration with the Bharti group that has interests in telecom, retail, agro-trade and realty industries. The US giant and Bharti had formed the 50:50 joint venture in 2007 to launch a chain of wholesale stores in India.

Officials said more than dozen such large stores, spread over 50,000 to 100,000 sq ft were planned in the country over the next five years. They said only retailers who have a sales tax number would be served at these stores.

India does not permit foreign equity in multi-brand retailing, estimated to be a $350-billion industry and seen doubling in size by 2015. Only 5 percent of the market is in the organised segment, with mom-and-pop stores accounting for the bulk of the shops.