Sunday, December 27, 2009

Biyani to hive-off value segments into Future Value Retail

Kishore Biyani-led Pantaloon Retail India Ltd (PRIL) will hive-off its value segments — Big Bazaar and Food Bazaar — into a separate company called Future Value Retail from January 1.

The BSE-listed company has completed all formalities and gained shareholders approval through a postal ballot to hive-off this segment, the company Managing Director, Mr Kishore Biyani, said on Wednesday.

“The postal ballot and other processes are complete and we are looking at January 1 as the starting date for Future Value Retail,” Mr Biyani told reporters on the sidelines of a conference here.

The value retailing segment of the company consists of supermarket Food Bazaar and hypermarket Big Bazaar, which constitutes up to 55 per cent of PRIL’s total revenues.

“At the company level (PRIL), we are expecting growth to jump by 30-40 per cent,” Mr Biyani said, indicating that the Indian retail industry has finally crawled out of the woods.

The company has plans to open 140 Big Bazaars and Food Bazaars over the next 4-5 years in addition to the 120 stores it already operates across the country.

Mr Biyani said that Pantaloon Retail will spend close to Rs 400 crore in the rest of this fiscal (till June 2010) for expansion. — PTI

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