Pantaloon to hive off sports business

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.

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.

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.

The two mills which would be modernised are Gold Mohur Mills and Apollo Mills, the company said.