Retail firm Siam Makro enters cash & carry biz in India, to invest Rs 10 bn

Thailand-based retailing firm Siam Makro PCL on Thursday announced entry into the cash and carry segment in India and has plans to invest around Rs 10 billion (Rs 1,000 crore) in the next five years.

The company, part of $50 billion Charoen Pokphand (CP) group, will operate under the brand name 'Lots Wholesale Solutions'.

Siam said it is focusing on northern India and aims to have 15 wholesale distribution centres in the next three years and create around 5,000 direct and indirect jobs.

The first two stores of Lots Wholesale Solutions will be opened in Delhi NCR in 2018.

"India is an important market for us. Taking forward CP group philosophy in India, we are committed to the country, community and to the company," Siam Makro Chief Marketing Officer Siriporn Dechsingha told reporters here.

The company has come in through the 100 per cent FDI route to establish its business in India.

Besides Thailand, it is in the cash & carry business in Cambodia.

Headquartered in Bangkok, CP group has interests in agri-business, telecom, plastics, automotive, pharmaceutical, property and financial investments.