Pantaloon group is planning to go in for development of malls and its management.
Kishore Biyani-led Pantaloon group is on the verge of sealing a 50:50 joint venture (JV) with a leading foreign mall management company to set up its own professional mall management company.
The foreign partner will bring mall management expertise including event management, promotion, leasing, marketing and public relations.
The Pantaloon group will provide malls and its expertise in developing and leasing retail space.
Its plan calls for building over 70 malls with a retailing space of around 40 million square feet in 29 cities, at 19 states in the coming five years, under brand name of Kshitij Retail Destinations (KRDs).
Kshitij Mall Management Company will manage the planned KRD chains to be set up by Pantaloon Retail India Ltd; domestic fund Kshitij and foreign fund Horizon has been established under a tie-up with former Coca-Cola CEO Sanjeev Gupta.
Pantaloon officials said, the deal was expected to be signed by month-end.
Talks are in advanced stage with some foreign mall management companies and once they get finalised, operations will kick off within a couple of months, said Shishir Baijal, MD & CEO, PFH Investment Advisory Co.
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