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Groupe Casino teams up with Parsvnath Developers

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Developers (Delhi) As per to the said source @ the www.propertykhazana.com USD 40 billion French retail major Groupe Casino is geared up to foray into the Indian retail market and in this regard the group has signed the agreement with the Delhi based Parsvanath developers to run chain of retail outlets all across India. Groupe Casino has business in 10 countries, including the Netherlands, Argentina, Brazil, Thailand and Vietnam.
However, Parsvnath has no retail experience and with its rank in the realty sector the company has coupled with Groupe Casino. As reported by the source at the www.propertykhazana.com Parsvnath Developers were successful encashing the boom in the Indian realty sector and by the end of the 3rd financial quarter in 2007 Parsvnath net profit crossed Rs. 112 crore with annual turn-over of Rs.465. Meantime, Parsvnath Developers have a land bank of about 210 million Sq.ft with that, Parsvanath is developing malls in all major Indian cities in addition to 12 metro malls alone in Delhi.
As per the source available with the www.propertykhazana.com Groupe Casino has over 10,000 retail stores in 11 nations and about 30% of the total returns is from the foreign outlets. The Group is eager to foray into the Indian cities and presently Groupe Casino operates Hyper Markets, Super Markets, Discount Stores and Restaurants. As per the reports saying at the www.propertykhazana.com Groupe Casino is planning big for India though FDI into retail sector by the Indian government is not permitted.
Meantime, the property prices are skyrocketing and foreign giants are focusing to find the potential Indian partners to spread their wings. It is also said by the source at the www.propertykhazana.com that Thailand origin Central Retail is in final stages of talks with India’s largest realty company DLF to initiate joint retail operations in India. Finding the right property for initiation of retail malls in major Indian cities has turned a difficult task. In fact, telecom major Bharti is finding hard to set up the retail malls in India which has tie-up with Wal-Mart.
Source: NBTVLIVE

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