The Hindu Business Line : RPG, Godrej in pact to set up shopping mall in Kolkata

RPG Group has joined hands with the Mumbai-based Godrej Group for setting up a shopping mall-cum-wholesome entertainment joint at a prime location in the city.

According to Mr Sanjiv Goenka, Vice-Chairman of the RPG Group, a 60:40 joint venture company will soon be floated where they will have the majority stake. Details of the company are yet to be finalised.

He was talking to presspersons after receiving the Outstanding Young Achievers Award 2005. It was awarded by the Young Leaders Forum, a wing of the Indian Chamber of Commerce.

It might be noted that this is the first time that two of leading business families of India - the Goenkas and the Godrejs - are joining hands to develop a prime shopping property in a metro. Apart from a shopping mall, the property will also have a multiplex and a hotel among other things. According to Mr Goenka, approximately four lakh square feet of space will be developed.

When queried about the total investment in this project, he said that it would be around Rs 200 crore. Talking about the timeframe, he said: "It will take 18 months from the ground breaking ceremony."

According to Mr Goenka, the land already belongs to their family and only some formal clearances are necessary from some State Government authorities. He, however, clarified that it will not be part of the Spencer's retailing activity. When further asked as to why they chose the Godrej Group for this venture, he said: "They are the experts. They have already developed many properties all over India."

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