MUMBAI: Indiabulls group, a rising company with interests spanning from financial services to retail, on 12th may said it is in talks with some foremost global single-product retailers seeking a pan-India presence.
“The company is in early stages of discussions with some foremost international single-product retailers who desire to set up a pan India presence,” Indiabulls Real Estate (IBREL) on 12th may said while pronouncing its quarterly results.
In addition its real estate business that also caters to retail players with malls and other store-formats, Indiabulls also has its own retail venture, which has department stores, hypermarket stores and neighborhood stores.
The IBREL is currently building seventeen malls across sixteen cities with a shared leasable area of about fourteen million square feet. Indiabulls hyper-market stores and department stores are likely to be the anchor tenants in these malls.
The company said it expects majority of malls to be finished and leased out by late 2009. Full payment for the land of thirteen malls has already been made and these are in company’s control.
The proposed malls are coming up in cities like Hyderabad, Ahmedabad, Mumbai, Gurgaon, Chandigarh and Visakhapattnam. The company is expecting a monthly rental in the range of Rs 60-300 per sq feet in these seventeen malls.
The name of the company’s retail business subsidiary, Piramyd Retail Ltd, has been changed to Indiabulls Retail Services Ltd. The Piramyd stores has been accordingly rebranded as Indiabulls Megastore and Indiabulls Mart.