In an effort to quadruple its share in total retail trade to 16% by 2011-12, the company plans to open up to 10 retail stores in different formats this fiscal, for which it is scouting for foreign players. “By the end of this financial year, you will see 5-10 retail stores in operation,” Parsvnath Developers chairman Pradeep Jain said, adding that the first few stores will come up in Delhi and Mumbai.
Jain, however, refused to further divulge details about the investments and potential partners. Parsvnath had announced its foray into retail sector in November 2007 and has already incorporated a subsidiary Parsvnath Retail Ltd. “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.
