Kishore Biyani-led Pantaloon Retail (India) today said it will transfer its value retail business to its group company, Future Value Retail.
The company's committee of directors at a meeting held on December 31 approved transfer of value retail business of the company to Future Value Retail--a wholly-owned subsidiary, Pantaloon Retail (India) said in a filing to the Bombay Stock Exchange.
Pantaloon's value retail business would be transferred with "all its assets, rights, liabilities or obligations of all nature and kind, along with its employees related to value retail business on an on-going concern basis," it added.
The value retail business would commence with effect from today in Future Value Retail Ltd, it said.
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