Future Group and Kolkata-based Keventer has joined hands to set up a retail-cum-commercial complex in Sealdah.
A Rs 100 crore public-private partnership (PPP) project, Kishore Biyani-led Future Group and M K Jalan promoted Keventer Group have a revenue-sharing pact on sales turnover from the 80,000 sq ft Big Bazaar outlet, spread across five floors. Commercial space will occupy fifth to ninth floors.
We expect this mall to break even within two years. In the first year itself we are expecting revenues of Rs 75 crore from this mall,” said Kishore Biyani at a press conference held in Kolkata.
M K Jalan’s Keventer Group had entered into a joint venture with Kishore Biyani-led Future Group to set up RiddhiSiddhi Mall Management, to set up this complex at Sealdah. They participated in an open bid floated by Kolkata Municipal Development Authority (KMDA). The development began in August 2008 for a total area of about 1,32,000 sq ft.
A special purpose vehicle (SPV) was formed where both Keventer and Future Group have 50 per cent stake each. KMDA has handed over the property to the consortium under a 99-year lease, renewable for another 99 years.
The mall is currently in talks with some of the major corporate houses who are willing to buy commercial spaces.
