Piramyd Retail Not For Sale; Poised To Grow Rapidly In Future
Piramyd Retail of the Ashok Piramal Group made news recently following speculation about entertaining sell-off discussions with the Aditya Birla Group. Listed on the bourses in 2005, Piramyd was one of the first modern retailers to open shop (1999) in the country. A few years ago, it was seen as a strong competitor to players such as Shopper’s Stop and Kishore Biyani-led Future Group. However, an unclear growth vision saw the company slipping even as the competition picked up steam in the past two years.
ET spoke to Ashok Piramal Group’s 26-year-old vice-chairman, Nandan Piramal, on the group’s seriousness to pursue the retail business. Excerpts:
Your sell-off plans continue to be a subject for intense speculation. Did the Aditya Birla Group actually hold discussions with your group in this regard?
We are not looking to sell. I really do not understand the origin of the speculation. As a company, we have not had talks with any third party for sale. Being a listed company, it is possible that we are perceived as fodder for such discussions. All I can say is that we now have the right people on board and are concentrating on achieving our business goals. There has been a complete change across functions in the way we look at business and a lot of dynamism has been brought in. Our team is in place and the growth focus is clear.
Given that retail is a real estate play and a highly expensive proposition today, how tough has it been to corner space?
Due to the lead-time taken from the time of signing a property till it opens, most of the space was signed 6-12 months ago, at prices, which are substantially different from the ones available today. Also, for a retail model to be viable we have to see a reduction in today’s prices and a correction, especially in retail real estate, is inevitable. Today, most organised retailing and retail property activity is still concentrated in India’s two largest cities, Delhi/NCR and Mumbai. While there are considerable property opportunities in these two cities, increasing competition and growing opportunities in India’s regional markets is encouraging both retailers and property developers to move into new and potentially more rewarding markets. Research has identified 50 cities across India that are ideally positioned to benefit from the booming retail sector. We can, thus, see a new retail city classification based on socio-economic characteristics, retailer activity and shopping mall development. Cities such as Chandigarh, Ludhiana, Jaipur, Lucknow and Kochi are attracting considerable retailer interest due to high incomes and strong brand awareness.
Source : The Economic Times (Delhi edition), Kala Vijayraghavan, Mumbai << BackTop
Your right to privacy is important to us. We seek to find a balance between your personal privacy and ensuring you obtain full value from the internet and other products and services we may be able to market to you.
In some areas of our website, we ask you to provide information that will enable us to enhance your site visit or reply to you after your visit. This would include where you subscribe to any online newsletters or provide feedback to us through a contact form where we ask you to provide us your name, e-mail address and other information that will be needed to effectively deliver services to you. In relation to any regular "e-contact" you can 'unsubscribe' at any time. We may use your personal data for future e-mail mailings, support, notification of new services, general correspondence which may relate to you. If you would rather not receive future marketing e-mails from us please inform us by e-mail at
The information you provide will be kept confidential and will be used only to support your customer relationship with us. We do not disclose or sell your information outside our corporate group except if we sell the whole or part of our business or as set out in this policy.
The information contained in this website is believed to be accurate at the time of writing, but no representation or warranty is expressly or impliedly given as to its accuracy, completeness or correctness.
Peninsula Land Limited its officer's servants agents and employees accept no liability whatsoever for any direct, indirect, consequential or purely economic loss arising from or in connection with the use of this website. Liability for such losses are excluded to the fullest extent permissible by law irrespective of whether those losses are foreseeable or caused by the negligence of Peninsula Land Limited.
Nothing on this website constitutes advice, nor does the transmission, downloading or sending of any information or the material constituting this website create any contractual relationship.The copyright, database rights, trade marks, patents, know how, confidential information and personal data and all other intellectual property contained in this website is the property of Peninsula Land Limited.
No liability whatsoever is accepted by Peninsula Land Limited for the content of any linked sites that can be reached from this website. The facility to link to other sites is in no way to be construed as endorsing, publishing, permitting, or authorising those sites by Peninsula Land Limited.