The company, with valuation of around US$270 billion, spends around US$10 billion behind technology each year. Mr Johnson added that the company was working with several Indian IT services providers to jointly develop technologies. Walmart entered India through a joint venture with Bharti Enterprises in 2007 and opened its first store in Punjab in 2009. In 2013, Walmart India became a wholly owned subsidiary of Walmart Stores. Walmart India currently owns and operates 21 Cash & Carry stores under the brand name of Best Price in nine states across the country. The unit in India is membership-based with more than 1 million members, majority of whom are small resellers, apart from hospitality chains, offices and institutions. India's food and beverage industry is expected to rise to US$1.1 trillion by 2025.