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Pantaloon transfers retail biz to Future Value

Kishore Biyani-led Pantaloon Retail (India) today said it will transfer its value retail business to its group company, Future Value Retail. - Global tie-ups, private labels to be buzzwords in retail this year - Retailers upbeat on 2010; line up Rs 600 cr for investment - The game changers - Expect moderate returns in 2010 - Future Group expands menu; to set up hotels in next 6 mths - Future Value Retail to start functioning from Jan 1 The company"s committee of directors at a meeting held on December 31 approved transfer of value retail business of the company to Future Value Retail--a wholly-owned subsidiary, Pantaloon Retail (India) said in a filing to the Bombay Stock Exchange. 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 related to value retail business on an on-going concern basis," it added. The value retail business would commence with effect from today in Future Value Retail Ltd, it said.

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