French retailer Carrefour, which has been in talks with almost all top retailing companies in India, seems to have zeroed in on Parsvnath Developers and will probably chose them to be their partner for India operations.
Abdul Rab, director of business development at Carrefour India, refused to comment on Indiaretailing’s query, saying, “I cannot comment on anything, as nothing is happening at our end.” However, he did say that a public announcement will soon be made of Carrefour’s plans for the country.
A Carrefour official on condition of anonymity told Indiaretailing that Carrefour has evaluated all major realtors and retailers, and Parsvnath appears to have overtaken all in terms of strengths that Carrefour is looking for in its India partner. He also confirmed that the talks are at its final stage and public announcement of the merger will be done within a month.
Most of the much-hyped talks of the French giant had failed because of its stringent partnership terms and want for major hold on the businesses.
Parsvnath is one of the fastest growing companies in the country’s real estate and retail sector. With over five million square feet already in control, the company expects to increase it to six times in the next five years. As Carrefour is looking at the wholesale cash-and-carry format and front-end retailing options, Parsvnath’s size seems to be in sync with the company’s plans.
Carrefour has already formed Carrefour WC&C India and Carrefour India Master Franchise Company for the respective business formats.
– Ranjan Kaplish