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Doris Yu · · 1 min readWalmart’s Flipkart buys land for fulfilling center worth $59m
“Walmart-owned Flipkart has acquired 140 acres of land to set up its largest fulfilling center in Asia in Manesar, Gurgaon in a bid to scale up their fulfillment infrastructure to cater to increased demand post-Covid,” ET Tech reported.
Following the deal, which costs over 4.3 billion rupee (US$59 million), the Indian ecommerce company plans to set up a five million square feet logistics park there that will be carried out in two to three phases over the next three to five years. The development of the park is expected to cost 35 billion rupee (US$478 million) and will create over 12,000 jobs in the state, with the first phase probably beginning by 2022, said the report.
In response to ecommerce companies’ increasing demand for warehousing, the company has already built a 285-acre warehousing hub in the town, according to Rajesh Khullar, chairman at Haryana State Industrial and Infrastructure Development Corporation.
Earlier this month, the ecommerce company banked US$560 million from its parent company Walmart as part of its US$1.2 billion round announced in July.
Currency converted from Indian rupee to US dollar: US$1 = 73.28 rupee.
Editing by Collin Furtado and Jaclyn Teng
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