German retail enterprise to invest 9 Bn in Punjab

Chandigarh: German retail enterprise Metro Cash and Carry will invest 9 billion to start its chain of distribution and retail centres in Punjab.

The German company will begin its operations within this year from the state's bigger cities like Jalandhar, Ludhiana and Amritsar, company officials said at a meeting with Punjab Chief Minister Parkash Singh Badal and other top state functionaries here Tuesday.

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As per the plans, distribution centres of the company will provide over 18,000 items - both food and non-food - to grocery stores, hotels, restaurants and other businesses across Punjab.

"The operations of the company would revolutionize the agricultural economy in the state and will improve the lot of the beleaguered Punjabi farmers who are at cross roads due to the diminishing returns from agriculture," Metro Cash and Carry director Erik Schmit said after a power-point presentation to the chief minister.

"These ventures would result in creation of 2,700 jobs and impart training in modern management practices. Besides sourcing vegetables, fruits and other fresh items directly from local farmers and eliminating middle men, the company is committed to supplement the income of the farmers," he said.

In the second phase, the company will set up distribution centres in Mohali, Patiala and Bhatinda.

Badal said that this initiative of his government with the German distribution chain was aimed at giving a push to modern practices and technologies in Punjab with focus on farmers, agriculture development and employment generation.

He hoped that the new venture would generate revenue for the state and added that the company will be given incentives by the state government.
Source: IANS