Indian conglomerate VideoCon Group has revealed plans to enter the grocery sector with the launch of a cash-and-carry venture.

Sunil Mehta, CEO Bolld Cash & Carry, said: “The company will invest US$500m in the next three years and we expect a turnover of $4bn by the fourth year. We intend to open five stores this financial year. The first store is scheduled to be launched in September.”

Bolld will sell food and groceries, consumer durables, IT, and apparel.

Videocon has interests in consumer electronics, glass manufacturing, oil and gas.