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Mumbai, Nov. 15 Pantaloon Retail India Ltd has spun off its sports retail business into a new company under the name of Planet Sports Retail.

The company has segregated its fashion and sports business which was previously operating through a joint venture company — Planet Retail Holdings and de-merged it into the new company, Pantaloon said in a notice sent to the Bombay Stock Exchange. The board, at its meeting held on Thursday, also gave approval for the divestment from its fashion business after retaining a minority holding and increasing its stake in the de-merged sports business.

The company, however, did not specify the date when the segregation would take place.

Planet Retail, the company’s joint venture, until now owns and operates the franchisee of international brands like Marks & Spencer, Next, Debenhams and Guess in India.

Besides, the company would also enter into a joint venture with National Textile Corporation for modernisation and development of its textile mills in Mumbai — Gold Mohur Mills and Apollo Mills, the company said.

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Pantaloon spins off sports retail division

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