Pune-based Kumar Builders has floated a special purpose vehicle, Kumar Retail, to invest and manage their retail ventures to take advantage of the retail boom. | |
| Lalit Kumar Jain, managing director, Kumar Builders, said this at a press conference to announce the completion of the first phase of the one million sq ft IT park, Cerebrum. |
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| The company is not new to retail experience. "We have successfully built and leased the Pune Central Mall complex over a year ago. Last year, we had also launched our own retail venture, Kumar Retail, which manages our own K K Bazaar, a retail mall at the Pune-Satara highway," said Jain. |
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| On capital outlay of the upcoming projects, he said, "the company has a Rs 600 crore capital outlay over five years." |
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| Disclosing his plans for the city, he said, "We have plans to launch a children specific entertainment mall, another retail mall in the Kumar City, one at Karve Road, a multiplex with 500 sq ft retail mall and a million sq ft large format mall by October 2006." |
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| The group also has plans to spread its wings outside Pune. Jain said, "We will be opening a 2,50,000 sq ft mall with a four-screen multiplex in Bangalore. We have plans for Mumbai as well." |
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| Explaining the need to have multiplexes, wherever possible, he said, "The format will be largely a multiplex-cum-retail mall to ensure high footfalls in the complex." |
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