Kishore Biyani-led Pantaloon Retail today said it will spin off its sports business into a new entity "� Planet Sports Retail. | |
| The company would segregate its fashion and sports business operating through a joint venture - Planet Retail Holdings and demerge the latter into a new entity, Pantaloon said in a communique to the Bombay Stock Exchange. |
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| The board at its meeting held today also gave approval for the divestment of its fashion business after retaining a minority holding and increasing its stake in the demerged sports business. |
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| Besides, the company would also enter into a joint venture with the National Textile Corporation for modernisation and development of its textile mills in Mumbai. |
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| The two mills which would be modernised are Gold Mohur Mills and Apollo Mills, the company said. |
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