Indiantelevision.com Team

(15 November 2007 7:30 pm)

MUMBAI: Kishore Biyani promoted Pantaloon Retail will demerge 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 Pvt Ltd (PRHPL). The JV is between Pantaloon Retail and Planet Retail Holdings.

Pantaloon board has also given approval for the divestment from 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 National Textile Corporation for modernisation and development of its textile mills in Mumbai.

PRHPL untill now owns and operates the franchisee of international brands like Marks & Spencer, Next, Debenhams and Guess in India.