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Pantaloon, Gini & Jony Apparel in JV

Pantaloon Retail (India) to form a joint venture with Gini & Jony Apparel for setting up a retail chain for kidswear.

india Updated: Jan 27, 2006 16:31 IST

Leading manufacturer-retailer Pantaloon Retail (India) Ltd has decided to form a joint venture with Gini & Jony Apparel Pvt Ltd for setting up a retail chain for kidswear.

Pantaloon informed the Stock Exchanges that it would hold a 50 per cent stake in the joint venture company, which is to be set up under the Gini & Jony brand name.

The board at its meeting held today also approved of purchasing 33 per cent stake each in Capital Foods Ltd and Capital Foods Exports Pvt Ltd, companies which manufacture and market ready to eat food items.

In order to undertake various financial services activities, Pantaloon is setting up an Non-Banking Financial Company (NBFC) as well.

Earlier in the month, Pantaloon had announced an investment of Rs 2,500 crore for building 14.5 million square feet of retail space in the country and setting up 51 malls in 29 cities across 14 states of the country through its subsidiary Kshitij.

The company currently has 16 Pantaloon stores and 21 hyper markets (Big Bazaar), 33 Food Bazaars, across the country.

First Published: Jan 27, 2006 16:31 IST