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Business
Pradeep Jain, Chairman, Parsvnath Developers, addressing a press conference in New Delhi on Friday. NEW DELHI: Leading realty company Parsvnath Developers on Friday said it is in talks with foreign companies to select a partner for its debut into the retail store concept. The company plans to open 10 retail stores in different formats this fiscal. It had announced its foray into the retail sector in November last year and has incorporated a subsidiary Parsvnath Retail Ltd. “By the end of this financial year, you will see 5-10 retail stores become operational,” Parsvnath Developers Chairman, Pradeep Jain, told newsmen. Asked about the investments and potential partners, Mr. Jain declined to divulge details but said the stores would come up in Delhi and Mumbai. The company planned to roll out these stores in various formats, including hypermarket, convenience stores, food joints (coffee and eateries) and large formats. “The company is in discussion with major retail chains to explore possibilities of foreign and domestic collaboration for setting up various retail formats in India,” Mr. Jain added. The company might enter into tie-ups with different players for different formats, he said, adding an announcement would be made shortly. Parsvnath has been linked with global players, including Carrefour and Groupe Casino, for possible tie-up. “We have 5.5 million sq. ft. of retail space across the country and this is our strength as a real estate developer,” he added. The company announced a net profit of Rs. 108.88 crore for the quarter ended March 31, 2008, a decline of 17.8 per cent over the corresponding period a year-ago. It recorded a net profit of Rs. 132.44 crore in the quarter under review. DividendThe board has declared a dividend of 30 per cent at the rate of Rs. 4 for every share of Rs. 10 for 2007-08.
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