CP Group to Invest Rs1,000 Crore in Wholesale Stores Expansion in India
Thailand’s CP Group to Invest Rs1,000 Crore in India to Open Wholesale Stores
New Delhi: In a major move, Thailand’s Charoen Pokphand (CP) Group has announced its plans to invest Rs1,000 crore over the next five years to establish wholesale stores in India. The group’s retail arm, Siam Makro PCL, will be launching 15 wholesale cash and carry stores in the country, starting with Delhi-NCR, under the brand ‘Lots Wholesale Solutions’.
The managing director of CP Wholesale India Pvt. Ltd, Tanit Chearavanont, highlighted that India and the US are the priority markets for the group’s future growth. With a successful track record in operating cash and carry businesses in Thailand and other markets, CP Group aims to make a mark in the Indian market.
The company is set to open its first two stores in NCR by the end of the second quarter of the current fiscal year, with each store spanning 45,000-50,000 sq. ft. CP Group currently operates cash and carry businesses in Thailand, China, Cambodia, and Myanmar, with a strong presence in the retail sector.
Chearavanont emphasized the company’s 28 years of experience in serving various business-to-business customers and expressed confidence in enhancing the modern wholesale sector in India. CP Group also plans to leverage India as its innovation hub for technology and digitization.
To compete in the Indian market, CP Wholesale India will focus on competitive pricing and explore limited-period credit facilities for customers. The company is in talks with banking institutions to finalize its strategy in this regard.
CP Group’s entry into India’s wholesale retail space comes after French retailer Carrefour SA exited the market in 2014. Chearavanont believes that the timing is right for CP Group’s entry into India, citing the development of the wholesale retail market in recent years.
With a strong focus on customer satisfaction and market growth, CP Group’s investment in India’s wholesale sector is poised to bring significant competition and innovation to the market.
