Parsvnath to open 10 retail stores in this fiscal
Realty firm Parsvnath Developers on Friday said it planned to open up to 10 retail stores in different formats this fiscal, for which the company is in talks with foreign players for partnership.
By PTI |
NEW DELHI: Realty firm Parsvnath Developers on Friday said it planned to open up to 10 retail stores in different formats this fiscal, for which the company is in talks with foreign players for partnership.
Parsvnath had announced its foray into retail sector in November 2007 and has already incorporated a subsidiary 'Parsvnath Retail Ltd'.
"By the end of this financial year, you will see 5-10 retail stores operational," Parsvnath Developers Chairman Pradeep Jain told reporters here.
Asked about the investments and potential partners, Jain declined to divulge details, but said first stores would come up in Delhi and Mumbai.
The company would roll out these stores in various formats, including hypermarket, convenience stores, food joints (coffee and eateries) and large formats.
"We are in discussion with major retail chains to explore possibilities of a foreign and domestic collaboration for setting up various retail formats in India," Jain added.
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The company may enter into tie ups with different players for different formats, he said, adding an announcement would be made shortly. Parsvnath has been linked with global players, including Carrefour and Groupe Casino, for possible tie-up.
Jain, however, ruled out entering into cash and carry business.
"We have 5.5 million sq ft of retail space across country and this is our strength as a real estate developer," he said.
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