India's Pantaloon sees FY07/08 group revenue $2 bn

Pantaloon Retail India Ltd, the country's top listed retailer, sees group revenue more than doubling to $2 billion in the fiscal year to June 2008.

Pantaloon Retail India Ltd, the country's top listed retailer, sees group revenue more than doubling to $2 billion in the fiscal year to June 2008, its chief executive said on Monday.

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The Future Group was also looking at more joint ventures with foreign firms in the business-to-business segment, similar to the one it has with US office supplies retailer Staples Inc, Kishore Biyani told Reuters in an interview.

Pantaloon operates hypermarkets, department stores, supermarkets and malls, and will launch small discount stores shortly, and large cash-and-carry stores, Biyani said.

India's retail industry, valued at nearly $350 billion, is forecast to double in size by 2015, with modern retail's share of that also quickly increasing from about 3 per cent now.