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| Pantaloon board okays business realignment |
| Press Trust of India / New Delhi Oct 30, 2009, 20:56 IST |
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Kishore Biyani-promoted Pantaloon Retail, part of the Future Group, announced a rejig in its business with its board approving hiving off Big Bazaar and Food Bazaar as a wholly-owned subsidiary, making itself a pure retail player.
The company's board while approving the business realignment, also gave its nod for transferring non-core business of separate group firms to PFH Entertainment, a promoter company, for a consideration of Rs 190 crore.
"Big Bazaar and Food Bazaar have gained tremendously in size and scale and emerged as a market leader in modern retail. The management believes that it now demands a focused approached for further growth and expansion," Pantaloon Retail said in a statement.
Pantaloon Retail (India) Managing Director Kishore Biyani said the company had forayed into allied businesses in the consumption sector to strengthen the retail business as well as leverage on new opportunities in the Indian market.
"In order to unlock more value for the shareholders, the management had proposed to independently govern and build these businesses, while retaining the character of Pantaloon Retail as a pure retail play, focusing on retail businesses," Biyani said.
Besides, as part of the realignment, investment in Future Brands and assets held by non-retail businesses through its subsidiaries such as Future Knowledge Services and Future Learning and Development will be transferred to PFH Entertainment for Rs 190 crore.
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