IndiaRetailBiz

Indiabulls group, which began its business foray first as a capital market intermediary, delving into real estate business thereafter, entered the booming retail sector, by acquiring entire retail business of Piramal group being conducted under ‘Pyramid’ brand, has completed the process of rechristening Pyramid retail formats as Indiabulls Megastore and Indiabulls Mart.

The name of the group’s retail business has also been rechristened from Piramyd Retail Ltd to Indiabulls Retail Services Ltd. This is now now a wholly owned subsidiary of the group company, Indiabulls Real Estate (IBREL).

Indiabulls retail chains currently operating with retail space of 6.7 lakh sq ft of space has opened six Indiabulls Mart and two Indiabulls Megastores during the last quarter ended March, 2008. The two new Indiabulls Megastores have been opened at New Delhi and Ahmedabad.

Indibulls is now talking with leading international single product retailers who are looking for a pan-India presence for their brands in one of the most sought after emerging retail market in the world.

“The company is in early stages of negotiations with some leading international single-product retailers who wish to establish a pan India presence,” said Indiabulls Real Estate (IBREL), while presenting financial results for the quarter.

IBREL is currently constructing around 14 million square feet of leasable space in 17 malls across 16 cities that among others include Mumbai, Ahmedabad, Gurgaon, Chandigarh, Hyderabad, and Visakhapattnam. Most of this is likely to be completed by the end of 2009 as the land for 13 of these malls is already in possesion of the company. These malls are likely to have Hypermarket and Department stores of Indiabulls as their anchor tenants.