The Hindu Business Line : Pantaloon to set up new arm

MUMBAI: Pantaloon Retail (India) Ltd has informed the stock exchanges that its board of directors, at a meeting held on November 22, approved the setting up of a new company for the business of retailing in the area of communication, data and voice storage and other related products.

Pantaloon said it will initially be investing up to Rs 2 crore in the new company. By virtue of this investment, the new company will become a subsidiary of Pantaloon Retail. The company said its annual general meeting held on the same day approved increasing its borrowing powers from Rs 750 crore to Rs 1,000 crore. Pantaloon has declared a 25 per cent dividend.

The AGM approved the re-appointment of Mr Darlie O. Koshy, Executive Director, National Institute of Design, and Mr Rakesh Biyani as its Directors, liable to retire by rotation. It also approved the re-appointment of Mr Kishore Biyani as Managing Director and Mr Gopikishan Biyani as Whole-time Director, both for five years.

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