Pantaloon Retail to setup FMCG subsidiary

Pantaloon Retail India Ltd has announced that the Board of Directors of the Company at its meeting held on April 27, 2007, inter alia, has taken the following decisions:

1. Board has approved setting up a subsidiary Company to deal in FMCG products with a niche brand to be created incorporating core brand values to be centered around Mr. Sachin Tendulkar, Cricket Celebrity Star. Board took on record the Memorandum of Understanding entered with Mr. Sachin Tendulkar in this regard. An initial investment of up to Rs 5 crores was approved in this Company.

2. Board has approved setting up two wholly owned subsidiaries for carrying on business in the field of sourcing & vendor management for various products for web and e-commerce activities and in the field of sourcing, selling mobile communication and accessories on wholesale / cash & carry basis with investment approval of upto Rs 5 crores in each subsidiary.

3. Board took on record the resignation of Mr. Ved Prakash Arya, Director - Operations & COO w.e.f. April 01, 2007. Mr. Ved Prakash Arya would continue as a non-executive director of the Company.

4. Board took on record the withdrawal by ICICI Venture Funds Management Company Ltd their nominee Ms. Bala Deshpande from the Board of the Company. Ms. Bala Deshpande has been co-opted on the Board as an additional director.

Source : Equity Bulls

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