Pantaloon promoted Kshitij to set up 51 malls in 3 years
23 Jan '06
2 min read
Kshitij will be setting up 51 malls in more than 29 cities, covering 14.5 million sq ft during the next three years, promoted by Pantaloon group.
The malls will be named Kshitij Retail Destinations having a chain of malls with an all India presence, said Shishir Baijal, Chief Operating Officer, Kshitij.
These malls comprise the ones using Kshitij Venture Capital(KVC) Fund, and the ones owned and leased by Pantaloon Retail.
The projects are being implemented by KVC fund with an outlay of Rs 2,500 crore, and a KVC equity contribution of around Rs 600 crore.
The 14.5 million sq ft of retail space is likely to be doubled to 30 million sq ft by July next year, he said
Properties would be limited in number but would be large like the one planned at the Mukand property in Mumbai, said Baijal.
Properties would be 5 million sq ft each, having retail spaces, hotels and convention centres.
Marketing of properties will be announced at India Fashion Forum, in Mumbai, on January 24, by the company.
Work was going on in about half of the 51 properties identified and the first property, a mall, is scheduled to open in Ahmedabad, later this year, said Baijal.
Mall management company is being set up by Kshitij in collaboration with a foreign firm, providing services like tenant management, marketing, and events.
Pantaloon Retail is likely to occupy about 20 per cent of the overall space available.
Inox Leisure has been signed up, to set up multiplexes at the Kshitij properties and of the 51 malls being put up, 37 would be having a multiplex, each.
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