Paarsvnath Developers to open 10 retail stores by end of current fiscal

Leading realty company Parsvnath Developers plans to open 10 retail stores in different formats this fiscal.

The company has planned to roll out these stores in various formats, including hypermarket, convenience stores, food joints (coffee and eateries) and large formats.

The firm is presently in talks with foreign companies to select a partner for its debut into the retail store concept.

However the company did not divulge the names (of potential partners) or the investment estimates for the proposed retail foray.

Parsvnath had announced its foray into retail sector in November 2007 and has already incorporated a subsidiary Parsvnath Retail Ltd.

In a separate release, the company has reported a 18% decline in its net profit at Rs 108.87 crore for the quarter ended March 31 against Rs 132.43 crore in the year-ago period, on account of higher tax outgo during January-March period.