The country’s largest realty player DLF will invest up to INR 30 billion over the next five years to develop shopping malls across India as it looks to cash in on opportunities following the further opening up of FDI in retail sector.

The company will develop 3.5 million square feet to 4 million square feet of retail space as it expects heightened activity with the Government yesterday approving 51% foreign direct investment in multi-brand retail and 100% in single brand.

Mr Rajiv Singh chairman of DLF told PTI on the sidelines of Credai said that “I welcome the opening of the retail sector. In the next three to five years, the sector will grow and consumers will benefit. The supply chain issue will also be addressed by the industry adequately. From our side we will invest INR 20 billion to INR 30 billion in the next five years.”

He said most of the new retail malls will come up in cities, including the Capital, NCR, Jalandhar, Lucknow, Kolkata, Chennai, Kochi and Indore.

Asked about the funding of the investments, he said it would be through internal accruals.

Commenting on the company’s plans to tap the retail sector, Mr Singh said that “We are already present in malls business and have many international brands. After decision on FDI, we will step up our mall activity through our sister firm DLF Brands and hope to get better tenants in future.”

(Sourced from BL)