Amid the ongoing Uttar Pradesh (UP) Investors' Summit, LOTS Wholesale Solutions, a 100 percent subsidiary of Siam Makro, signed a memorandum of understanding (MoU) with the state government, whereby the company will open wholesale outlets in the state in the next three years with a proposed investment of Rs. 250 crore.
LOTS Wholesale Solutions expects to generate 1500-2000 direct and indirect employment within the state of UP through their stores.
The company had recently announced their plans to launch 15 stores across North India in the next three years, with the first two stores to open in Delhi and Noida within 2018. The next phase will see extension into other major cities of Uttar Pradesh such as Lucknow, Agra, Varanasi, Kanpur, Meerut, and Allahabad.
"Uttar Pradesh is one of the most progressive states in the country and we are keen to be a part of the initiatives that create a win-win for both sates and businesses. This MoU paves the way for an extensive retail rollout by us which will provide multiple opportunities small and medium suppliers to grow their business as well as Kirana and HoReCa segment who will receive service par excellence.
We aim to work closely with local farmers to improve their yield and enhance quality of product through our global expertise," said LOTS Wholesale Solutions Managing Director, Tanit Chearavanont.
"Our first store will be rolled out in Noida this year and soon we will open stores across Lucknow, Kanpur, Varanasi, Allahabad and other cities in UP. Our stores will create jobs for the talented youth of UP and also impart trainings that will enhance their skills. We are very positive about our entry into UP and are thankful to government for the support we have got in-terms ease of doing business," added Lots Wholesale Solutions Director, Sameer Singh.
LOTS Wholesale Solutions will establish special collection centres in key locations within the state of UP to source raw material from farmers directly and support local handicraft like khadi through manufacturing of uniforms. The company brings benefits of convenience aided by technology and digitisation, last mile delivery at competitive pricing for its customer base of HoReCa, traders and service customers.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)
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