Parsvnath to foray into retail venture, to open 5-10 stores by FY09

New Delhi, Jun 20 (UNI) Real estate major Parsvnath Developers Ltd today said it will foray into retail venture by opening 5-10 stores in different formats by the end of this fiscal.

''We are set to open 5-10 stores by the end of this financial year... we are talking with few demestic and foreign players for the possible tie-up,'' Parsvnath Chairman Pradeep Jain told reporters here.

The company will open these stores in cities which include Delhi and Mumbai, he added.

The realty major had announced its foray into retail sector in November last year and has already set up a separate arm 'Parsvnath Retail Ltd'.

Mr Jain, however, did not divulge financial details of the venture.

He said the company has over five and half million square feet of retail space across the country.

The retail venture will be independent verticle, he informed.

Elaborating the format of the stores, he said there will be mixed one -- including hypermarket, convenience stores, food joints (coffee and eateries) and large formats.

Mr Jain said the branding will be decided after the possible tie-up.

The company may enter into tie ups with different players for different formats, he said, adding an announcement would be made shortly, and linked his firm with up global players, including Carrefour and Groupe Casino, for possible tie-up.

UNI SBA MP KP1912