According to sources close to the development, the Delhi-based real estate developer is currently in an advanced stage of negotiations with both Carrefour and Casino. "A deal with any one of these global retail giants could be signed in a few weeks time," a source said.
When contacted Parsvnath Chairman Pradeep Jain said: "We are in advanced stage of talks with internationally renowned hypermarket operators". He, however, declined to name the possible partners it was talking to. Jain said the company would decide the partner within the next three-four weeks.
When asked specifically if the company was in talks with Carrefour, Jain said "no comments." Carrefour India's spokesperson too declined to comment on the talks with Parsvnath.
Recently, Carrefour - the world's second largest retailer - had said that it was talking to three potential partners in India -- a retailer, a financial institution and a conglomerate.
On the other hand, the 22 billion Euro Groupe Casino had in 2002 entered into strategic alliance with the Home Stores (India) and a realty developer Ansal Housing and Construction. It has over 10,000 stores around the world.
Earlier this week, Parsvnath had announced its foray into the retail sector, to be kicked off with hypermarket format stores. The company has incorporated a subsidiary 'Parsvnath Retail Ltd' for its new venture, expected to start in the next two months.
The company has also appointed a consultant to advice it on the finer aspects of the new venture.
Parsvnath presently has a developable area to 191 million sq ft, including 6 SEZs covering 57 million sq ft. The total project cost, including land, to develop 191 million sq ft of area is estimated at about Rs 27,118 crore (Rs 271.18 billion).
The construction on 76 million sq ft has started and work on remaining would start in the current fiscal. The company has created a separate subsidiary to focus on hospitality business. It would develop 17 hotels comprising 2,400 rooms at an investment of Rs 750 crore (Rs 7.5 billion).
Besides real estate and retail, Parsvnath has applied for licenses to foray into the telecom sector and has plans to develop infrastructure projects, including airports and road transport.