PDL announces appointment of Independent Director for its Retail wing

Parsvnath Retail Limited a subsidiary of Parsvnath Developers Limited (PDL), India’s leading company in real estate and infrastructure development with keen interest in retail sector has announced the appointment of Mr. R.J. Kamath as Independent Director for its board of directors.

Mr. Kamath, an eminent professional and former Chairman of the Andhra Bank and Canara Bank, with vast experience and expertise in finance, banking, legal and corporate management has been associated with Parsvnath Developers Limited as an Independent Director. Having substantial experience in the industry he brings with him industry perspective and a great deal of practical knowledge to Parsvnath Retail Limited.

“We are committed to having independent directors and a good corporate governance framework for our subsidiaries that reflect today’s best practices,” said Mr. Pradeep Jain, Chairman, Parsvnath Developers Limited.

“In Mr. Kamath, we have highly respected independent director and management expert whose strengths and skills complement those of our existing team members in providing valuable oversight and direction to the strategy, operations and management of Parsvnath Retail Limited”, added Mr. Jain

In addition to his general corporate experience, Mr. Kamath was chosen for other specific strengths and rich experience consistent with Parsvnath’s national presence.

Parsvnath Retail Limited

Parsvnath Retail Limited, a subsidiary of Parsvnath Developers Ltd. incorporated in November 2007, will execute 21 commercial projects with a saleable area of 4.77 million sq ft. comprising of shopping malls and multiplexes. Parsvnath Developers Limited has entered into concession agreements to develop shopping malls and retail outlets on 13 stations and 2 station box owned by the Delhi Metro Railway Corporation (DMRC) on a BOT basis. The company at present is developing 114 multiplex screens across India and plans to set up 50 – 75 retail outlets in next 3 to 5 years showcasing different formats from hypermarkets to premium boutique stores.

About Parsvnath Developers Ltd

Parsvnath Developers is noted for its rapid pan India spread. It is the fastest growing real estate group in India. Parsvnath Developers is amongst the largest listed real estate companies in India. As of today, company is developing 114 mega projects spanning 211.32 million square feet in 51 cities and 18 states. For the year ended March 31, 2008, Parsvnath Developers Ltd. recorded consolidated revenues of Rs 1837.12 crore and net profit of Rs 424.39 crore.

For more details please visit www.parsvnath.com