It will be a convergence of shopping, entertainment and eating when Crossroads, the ambitious shopping mall, promoted by Piramal Holdings Ltd, is launched in Mumbai by mid-August. The world-class mall, spread out over an area of 1,50,000 sq ft, is located in the upmarket Haji Ali area in south Mumbai. Its glittering glass structure and the modern paraphernalia of retractable roof, car elevators, a video wall and a spacious atrium lend the desi venture a truly international look. The Piramal group has its presence mainly in pharmaceuticals and textiles. It has regularly been in the news for its acuisitions and alliances in the pharma business.
Crossroads is the group's first venture into the retail business.
It is targeted at the family. It's more than just shopping. It will be a destination landmark for Mumbai. Piramal, who feels that Crossroads will break even in about a year's time, does not rule out the idea of expanding to other Indian cities in the future. But for that, the company is more likely to go for joint ventures, either with foreign multinationals or Indian companies.