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« Investors Bullish on Indian Retail Sector | Home | Builders Line Up For Serviced Apartments in NCR »

Wadia Group to Form JV with Simon Global

The Wadia Group has recently entered into a 50:50 joint venture with Simon Global Ltd. to make it BIG in Indian retail sector. Both the companies will develop exclusive shopping centers in India, informs an official close to the deal who did not wish to be identified. However, no formal announcement regarding the venture has been made yet.

The Wadia Group, one of the oldest companies of corporate India, has plans to develop 8-10 luxury malls over the next 10 years. These shopping centers would feature world class brands, restaurants, and entertainment zones among others.

Talking about Simon Global Ltd., it is a subsidiary owned by the US based real estate company Simon Property Group Inc. (SPG) which has a market capitalization of $56 billion.

Wadia Group refuses to comment on the development. Discussions and business plans are confidential, says a Wadia Group spokesperson. Since the venture has not been announced formally, the exact details of the agreement could not be known.

However, industry connoisseurs have their own approach. According to them, the Wadia Group may offer the land bank needed for the development of large shopping arcades. With the move, the country will gain from the vast expertise of the renowned Simon Group.

The Wadia group has plans to develop 4.3 million sq ft land in central Mumbai and is preparing to commit required resources from the group’s side once the market study is over, says Ness Wadia, joint managing director of Bombay Dyeing.

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