EBPL, WIPL to set up Rs 200cr hyper market

New Delhi, Sep 1 (UNI) Evershine Buildwell Pvt Ltd (EBPL), part of the real estate developer Aerens Group, today inked a 50:50 joint venture with Wianxx Impex Pvt Ltd (WIPL) for setting up a Rs 200 crore multiplex hotel-cum-mall.

The proposed hyper market-- Aerens Europark-- spread over an area of 7,50,000 square feet will have multiple features like multiplex, hotel, music shops and food court.

''Wianxx through its directors and associates have worked with hyper markets and malls across six countries of the EU including Germany and Austria. Aerens Europark is our first project in India and we expect the footfalls to range from 15,000 to 40,000 on weekdays and weekends respectively,'' WIPL Director Rajeev Anand told reporters here.

The venture will be funded by internal sources of the two companies and the sales of shops. Sixty per cent of the shops in Europark will be given on a lease basis while 40 per cent on direct sale.

The mall, located on the Delhi-Ghaziabad border, is expected to become operational by March 2008. The company expects to earn a 12 per cent profit from the project.

The Europark will have a 34-room hotel spread over an area of 27,000 square feet with a parking space of 1100 cars.

The JV will impart best knowledge and expertise to India in building the new concept of hyper market with hotels. The basic idea behind this investment is to provide a one stop shop for all age and income groups, EBPL Director Ankur Gupta said.

UNI SBA PV VV1958