The Hindu Business Line : Carrefour, Parsvnath mum on joint venture buzz

New Delhi, Nov. 28 Barely a week after Carrefour announced its plans to tie up with an Indian partner for a hypermarket foray, the markets on Wednesday were abuzz with speculation that real estate firm Parsvnath Developers is in talks with the world’s second largest retailer, for a possible alliance.

The speculations were fuelled by the fact that Parsvnath is planning to enter the retail space for which it is talking to a few international players. “We are planning to enter the retail space — hypermarkets and departmental stores and are talking with some international operators to do franchisee tie-ups,” Parsvnath Developers’ Chairman, Mr Pradeep Jain, said. Asked if the company was also talking to Carrefour as one of the potential suitors, he said, “I cannot comment on any specific operator.”

Mr Jain said that his company was also in talks with Bharti for leasing out retail space to the latter. “We are entering into an agreement for leasing out retail space in the form of anchor stores in over 100 locations,” he said.

When contacted, the Carrefour India Managing Director, Mr Herve Clec’h, said: “We have no such declaration to make.”

Official sources said, “Carrefour has been speaking to several players from across domains. However, it is unlikely that Parsvnath is the chosen one.”

Carrefour had told Business Line last week that it had zeroed in on three “large and powerful” prospective Indian companies that could be its possible partner for the direct-to-consumer business. “We hope to start rolling out the outlets in both formats by the second half of the financial year 2009,” Mr Clec’h, had said then. The two formats comprise the wholesale cash and carry venture as well as the direct-to-consumer hypermarket business.

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