The Hindu Business Line : Plaza to set up six new malls

Plaza Centers India, shopping and entertainment centre developer, with a global turnover of €1 billion, plans to invest over Rs 3,000 crore in six new malls across India, according to a press release.

The malls are planned in Chennai, Bangalore, Kochi and Pune.

Plaza Centers has also tied up PVR Cinemas as their multiplex partners, marking PVR’s entry into Pune for the first mall.

The mall, Koregaon Park Plaza, will be of around 4,00,000 sq.ft with 14 lifts and staircases, three levels of underground parking to accommodate 1,100 cars and 950 two-wheelers and will have three entry and exit points to avoid congestion and ease traffic flow.

The release, quoting Mr Ran Shtarkman, President and CEO, Plaza Centers, said the first venture in Pune would be followed up with six more in the near future. Koregaon Park Plaza, with an investment of Rs 500 crore, will be fully functional by 2011.

“The USP of the mall, besides it being in the heart of the city, will be the entertainment zone, where we have partnered with PVR Cinemas besides housing all leading brands under one roof spoiling the customer with choices galore. PVR is a leading multiplex brand in its own and through this alliance we will receive maximum footfalls” added Mr Shtarkman. PVR will offer six screens and 1,500-plus seats.

Plaza Centers, incorporated in 1996, has interests in the development, construction and leasing of shopping and entertainment centres. Since its inception, Plaza Centers has 30 malls constructed or under construction in Eastern Europe.

It is an indirect subsidiary of Elbit Imaging Ltd, an Israeli public company whose shares are traded on the Tel Aviv Stock Exchange and the Nasdaq Global Market in the US. Plaza Centers N.V. also is listed on the London Stock Exchange and the Warsaw stock exchange.

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