Thursday, November 29, 2007

Parsvnath in talks with Carrefour, Casino Group for retail chain

Real estate firm Parsvnath Developers is in talks with French retail giants Carrefour and the Casino Group for setting up hypermarkets in India, reports quoting people close to the development said.

Reports said Carrefour, the world's No. 2 retailer, was also in talks with Parsvnath to appoint the latter as its franchisee in India.

"We intend to enter retail with hypermarkets and supermarkets with a renown international retailer," reports quoted Pradeep Jain, chairman, Parsvnath, as saying. He added an announcement is likely within the next few weeks.

Parsvnath Developers, the country's fourth largest listed real estate firm, owns 14 million square feet of retail space across 50 cities in the country.

Jose Luis Duran, CEO of Carrefour, had earlier said in newspaper interviews that the firm had identified two or three potential partners in India and that he hoped to sign a joint venture in coming months.


No comments: