Kishore Biyani-led Pantaloon Retail (India), one of the biggest players in apparel retail and
part of Future Group, has restructured its business by hiving off its retail divisions -- Big Bazaar and Food Bazaar -- into a wholly owned subsidiary. According to Biyani, Pantaloon Retail will transfer its value retail business to its group company, Future Value Retail. This was approved of by the company?s committee of directors at a recent meeting. Pantaloon?s value retail business would be transferred with all its assets, rights, liabilities or obligations of all nature and kind, along with its employees on an ongoing basis.
Till now, the value retail business of Pantaloon was under the brand Big Bazaar, which has close to 120 stores all over India. In October 2009, Pantaloon had announced its intent to unlock value in its non-retail businesses. This included the group?s assets in the financial business. Pantaloon has also said it would issue shares/convertible securities to promoters or investors on a preferential basis.