Metro Cash & Carry has Rs 900 cr for Punjab centres

Metro Cash & Carry, a German retail enterprise, is likely to invest Rs 900 crore in starting its chain of distribution-cum-retail centres in Punjab.

The German company is likely to begin operations with units in Jalandhar, Ludhiana and Amritsar.

The representatives of the company had met Punjab Chief Minister Parkash Singh Badal on Tuesday.

In his presentation, Erik Schmit, director (development & expansion) of Metro Cash & Carry, said the operations of the company would revolutionise the prospects of agriculture economy thereby improving the lot of the beleaguered farmer of the state who were at the crossroads due to the diminishing returns on agriculture.

The proposed venture is expected to create 2,700 jobs for local youths and impart training in modern management practices. The firm will source vegetables, fruit and other farm produce directly from local farmers, thereby eliminating the middlemen and supplementing their income.

The chief executive officer of the company said the firm would soon set up three more distribution centres at Mohali, Patiala and Bathinda in the second phase.

The chief minister assured the delegation from the company that the state government would extend full support and corporation.

He also directed the chief secretary to find ways and means to finalise the requisite formalities through single-window clearance facility to ensure smooth co-ordination between the company and the government. Badal appreciated the company's initiative for setting up these distribution centres that would provide over 18,000 items to kirana stores, hotels, restaurants and businesses in Punjab.

He said special incentives could not be given to the company and the entire case of the relevant clearances and change of land use would be dealt with according to the laid down policy on mega projects.