Pantaloon Retail to form JV with Staples Inc

Pantaloon Retail India Ltd has announced that Staples, Inc. (Nasdaq: SPLS) on January 17, 2007 has announced a joint venture with the Company and its new office products business unit, Future Office. The agreement establishes a platform for Staples to enter the $10 billion office products market in India and allows the Company to benefit from the industry expertise and sourcing network of the world’s largest office products Company.

"As Staples expands globally, India represents a great opportunity for the Company," said Ron Sargent, Staples chairman and chief executive officer. "This partnership combines Pantaloon’s local business knowledge and leading brand with Staples’ best practices and global procurement strength. Staples looks forward to working with the Pantaloon team on this joint venture."

"The office products business in India presents tremendous opportunities for growth," said Kishore Biyani, the Company's Managing Director and chief executive officer. "Through our partnership with Staples, the industry leader, we can become the office products provider of choice for businesses throughout India."

Staples Future Office will serve businesses of all sizes through delivery as well as cash-and-carry locations, offering a wide range of office products from core office supplies to printers to computers. Future Office, which recently acquired B-to-B online office products Company Officedge, will expand its delivery operations to include Delhi, Mumbai, Bangalore, Hyderabad, Chennai, Kolkata, Pune, Ahmedabad, Indore and Chandigarh.

Source : Equity Bulls

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