New Delhi: Unveiling its roadmap for the retail venture, Bharti Enterprises announced an investment of $2.5 billion and projected a revenue of $4.5 billion from the new business by 2015 on Monday.
"The first store will be opened in the first quarter of 2008. Our plan is to invest $2.5 billion by 2015 and open stores across all major cities in the country," Bharti Enterprises joint managing director Rajan Bharti Mittal said.
He, however, clarified that this investment was only for setting up front-end stores, while a separate plan and investments for real estate would be announced shortly.
"We are still studying the model to be adopted - to buy the property or to get the land on lease. Our group company Bharti Real Estate is looking at all options," Mittal said.
The company is looking at revenue of about $4.5 billion (about Rs 20,000 crore) by 2015, he added.
Mittal said the company was working out modalities for its back-end linkage, including its joint venture with world's largest retailer Wal-Mart.
"The details of the back-end chain and our tie-up with Wal-Mart will be announced in due course of time," he said, adding a high-level team from Wal-Mart was expected this week in India.
As per the plans, the company is looking at 10 million square feet of retail space, which would include hypermarkets, supermarkets and convenience stores, he said, adding, the company would provide employment to about 60,000 people.
While Bharti would manage front-end of the retail venture, Wal-Mart would be involved in the back-end, including logistics, supply chain and cash-and-carry.
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