Realtors Parsvnath to expand into retail

June 20th, 2008 - 9:56 pm ICT by IANS  

New Delhi, June 20 (IANS) Real estate major Parsvnath Developers Ltd is looking for expansion into retail business, the company chairman said here Friday. “Retail is going to be the next focus area for the company. By the end of this financial year, we will have 5-10 retail stores operational,” Pradeep Jain, chairman of Parsvnath Developers, told reporters here.

“Initially, we will come up with retail stores in Delhi and Mumbai, followed by other cities. We are already looking for partners for our retail venture,” Jain added.

“These stores will be in different formats, including hypermarket, convenience stores, food joints and one larger version of hypermarket on lines of Mustafa, the 24-hour shopping mart in Singapore,” he said.

Parsvnath had last year formed a subsidiary, Parsvnath Retail Ltd, for its retail business and has acquired 5.5 million square feet of space across the country.

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