Carrefour likely to choose Parsvnath for India foray

Nov 19, 2009

Real estate giant Parsvnath Developers has said it is likely to form a venture with Carrefour soon, regarding retail operations in India, reports Kamcity.com.

According to the report, Parsvnath did not specify more details of the deal, adding, “We will announce a tie-up once we sign the documents.”

The announcement is one of first official declarations that the French retail giant is certain to enter the market. Earlier, the Future Group has also noted that it is looking into a tie-up with Carrefour, regarding back-end operations, the report added.

Carrefour has not commented on either report.

The real estate group also said it will open 10 retail stores this year and develop 21 commercial projects as part of its plan to enter the retail sector on its own. Parsvnath said it also plans to open 75 hypermarkets and boutiques in five years, the report said.