Friday, February 04, 2005

Piramal plans 16 Piramyd Megastores in next 3 years

To cash in on the retail boom, Mumbai-based Piramal Holdings Ltd (PHL) has decided to invest over Rs 300 crore for setting up 16 departmental stores, named Piramyd Megastore, across the country in next three years. At present, Piramal Holdings Ltd has three such departmental stores in Mumbai, Pune and Nagpur. Piramyd Megastore will set up shop in Ludhiana and Ahmedabad by May and in Delhi by June this year. It will also put up two mega stores in Pune by October. Each Piramyd Megastore will be around 70,000-80,000 sq ft in size. Crossroads, which houses other retail formats such as Piramyd Megastore, Piramyd Supermarket and Jammin, the family recreation centre, is the mall format of Piramal Group. The company is also eyeing five properties in Hyderabad, Gurgaon and Mumbai.