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Suncity to develop retail malls

NEW DELHI: Suncity Projects on Saturday said it would invest Rs. 8,000 crore to develop ten retail malls across the country in the next six years. “We will start with four such projects in northern States where Rs. 2,000 crore will be invested. We will then expand this to six more cities in various States,” said Suncity Projects Vice-President (Retail) Vijay Arora.

Addressing a press conference here, Mr. Arora said the “retail cities” would be called “Jewel of India”. “Initially, it would come up at Greater Noida, Indore, Jaipur and Mohali and house India’s top brands besides giving spaces to local handicrafts and also entertainment industry,” he added.

Stating that the ambitious retail projects would also have space for hotels, offices and entertainment zones, Mr. Arora said the projects would be funded through internal accruals and debt in equal proportion. “We are open to dilute up to 50 per cent stake on the projects for raising funds from private equity players.”

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