BSE-listed Alan Scott Industries Ltd has decided to enter the retail sector through a joint venture with Vasibala Ventures Pvt. Ltd
"The company will be operating franchise stores in India. For this purpose, the company is in process of incorporating a subsidiary company in the name and style 'Allan Scott Retail Limited and Allan Scott will be holding about 85 per cent of the issued, subscribed and paid-up capital of the said subsidiary," the company said in a stock exchange filing.
At close, the company's share price was down nearly 5 per cent.