Deepak Fertilizers plans Rs. 100-cr specialty mall - To showcase products for building sector

(Article first published in Hindu Business Line on 5^th December 2003.)

Mumbai, Dec. 4

Deepak Fertilizers and Petrochemicals Corporation Ltd plans to set up a Rs. 100-crore specialty mall spread over 5,00,000 sq. ft. in Pune to bring under one roof all products and services related to the building and construction business.

The venture is part of the group's strategy to diversify into the services sector, Mr. Sailesh Mehta, Managing Director, DFPCL, told newspersons here.

The mall will house products ranging from flooring, glazing, fabrics, lighting, electronics and acoustics. It will also take in services such as architects, banks, financial institutions, interior designers, Mr Mehta said.

"The mall 'Urban Spaces' will help consolidate national and international names in architecture. It will make it convenient for ordinary people with plans to build their own homes, builders and property developers to shop for all related accessories and designs under one roof," he said.

The company plans to begin work on the half-a-million sq. ft plot by March 2004. The company expects to complete work within 18-20 months. The company plans to fund the project through a 3:2 debt to equity ratio.

"The idea is to provide a place for professionals such as interior decorators, architects, to interact freely with each other. Till date there is no single retail space in the country showcasing the entire gamut of products and services required by the property and interiors industry," said Mr Kamal Malik, Architect, Urban Spaces.

The mall will target customers in Mumbai, Pune and the rest of Maharashtra, Mr Mehta said.

The UAE-based architecture and retail development firm Consultancy Services International (CSI) and its Indian partners Planning Consultants will be consultants to the project.