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I took a brief look at the existing code for importing files with xlrd but it looks tightly coupled with that library and not particularly straightforward to adapt.
I think that the read-only mode of openpyxl would be a good fit for Pandas and would like to work with you to provide the necessary API to go from rows to a dataframe. Data is stored by row so this is the only sensible approach. We will be adding read-support for NumPy types, ie. when passed them, but probably not when reading Excel files.