New Delhi: BIG Shopping Centres today announced its entry into India's retail market with plans to develop 60 stores across the country in the next 10 years at an investment of about Rs 9,600 crore.

BIG India Malls Pvt Ltd, a joint venture company between Israel-based BIG Shopping Centres and US-based Lehman Brothers wholly-owned special purpose vehicle BIG Mauritius Holdings, would develop the shopping malls over about 24 million sq ft of retail space.

"The initial plan is to roll out 60 shopping centres in the country, which will be based on our open mall concept. For this venture, we have earmarked an investment of 2.4 billion dollars," BIG India Malls Pvt Ltd Director Eitan Bar Zeev said.

To begin with, the company would roll out the first mall at Thane, Mumbai, in November this year, which would be spread over 8.5 acres with a retail space of 5.5 acres, he said, adding that, "for the ground floor, we have assigned retail chain Hypercity as the anchor tenant, while the upper floor will have shops of different retailers".

"Open mall is a new concept here, where parking is free and the structures will be up to maximum ground plus one level with large free area. There will be no entertainment or hang around zones as these are meant for hardcore shopping," he added.

He said the shopping centres would be constructed on an average land area of 15-20 acres with retail spaces of about four lakh sq ft.

On expected income, he said, "We expect revenues to the tune of Rs 25 crore per year from a four lakh sq ft mall".

Currently, BIG Shopping Centres holds 75 per cent stake in BIG India Malls through direct and indirect route, while the remainder is with Lehman Brothers.

"In the future, it will be a 50:50 JV as most of the investment in coming days will be funded by them," Zeev said.

The company currently operates shopping centres in the US, Israel and Spain with starting operations in Serbia.

Source : PTI