Pantaloon to raise Rs 500 cr by selling non-core biz

Future Group subsidiary Pantaloon Retail is planning to raise up to Rs 500 crore by offloading the non-core assets of the company as part of its restructuring plans.

“We have various plans for the company. Offloading the non-core assets of Pantaloon to raise close to Rs 300-500 crore is one of them,” Future Group CEO Kishore Biyani said.

He added the company will float a special purpose vehicle (SPV) to raise funds and ensure that its restructuring plans are compliant with the foreign direct investment (FDI) policy guidelines.

At present, FDI is prohibited in multi-brand retailing, and only 51 per cent FDI is allowed in single brand stores.