Parsvnath in talks with Carrefour & Casino for retail venture

NEW DELHI: Real estate major Parsvnath Developers Ltd, which has announced its retail foray with hypermarket format stores, is understood to be in talks with French giants Carrefour and Groupe Casino for partnering in the new venture.
   
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.