Thailand’s Siam Makro to enter Indian wholesale via 100% FDI
19 Jan 2018
Thailand-based Siam Makro PCL, part of the $50-billion Charoen Pokphand Group (CP Group), on Thursday announced the launch of its India operations in the wholesale cash and carry space with an investment of Rs1,000-crore.
The company has taken the 100 per cent foreign direct investment (FDI) route to establish its operations in India under the name of LOTS Wholesale Solutions.
Announcing the plans for India, Tanit Chearavanont, managing director of LOTS Wholesale Solutions, told media in New Delhi that the company plans to invest over Rs1,000 crore in the first five years and open 15 wholesale distribution centres across northern India.
The first two stores of Lots Wholesale Solutions will be opened in the Delhi National Capital Region this year. Siam said it is focusing on northern India and expects to create around 5,000 direct and indirect jobs.
"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's chief marketing officer Siriporn Dechsingha said.
Headquartered in Bangkok, the CP Group has interests in the agricultural business, telecom, plastics, automotive, pharmaceutical, property and financial investments.
Besides Thailand, it is in the cash and carry business in Cambodia.
