Parsvnath in talks with Bharti for providing retail space

Parsvnath in talks with Bharti for providing retail space
PTI
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First Published: Wed, Nov 28 2007. 03 09 PM IST
Updated: Wed, Nov 28 2007. 03 09 PM IST
New Delhi: Leading realty firm Parsvnath on Wednesday said it is in talks with Sunil Mittal-promoted Bharti Enterprises to provide real estate space for the latter’s retail venture.
“We are in talks with Bharti Retail to provide the real estate space in about 100 locations,” Parsvnath chairman Pradeep Jain told reporters on the sidelines of a seminar organised by industry body Assocham.
The retail space would be provided either on sale or lease basis, Jain said, adding that other options could also be explored. “The deal could be signed any day. We are working on the agreements.”
Earlier this year, Bharti Enterprises had announced an investment of $2.5 billion to build hypermarkets and supermarkets by 2015, targeting a turnover of $4.5 billion. It has been looking out for retail space, totaling up to 10 million sq ft.
Parsvnath owns 14 million sq ft of space in 50 cities in India.
Commenting on the company’s planned foray into airport infrastructure, Jain said Parsvnath has formed a consortium with Turkey-based TAV Holdings, IL&FS to bid for three projects in Amritsar, Udaipur and Greater Noida.
“We might also look at road projects if opportunity comes,” he added.
On the telecom front, Jain said the company has a fair chance of getting a licence soon.
Parsvnath is developing more than 100 projects across the country and has presence in all the verticals of real estate such as housing, retail, office, townships and SEZs. Besides, it is also building hotels and metro projects.
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First Published: Wed, Nov 28 2007. 03 09 PM IST
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