MUMBAI: The business realignment of Pantaloon Retail India Limited (PRIL) has been completed after the transfer of its value retail business of Food Bazaar and Big Bazaar to its wholly-owned subsidiary Future Value Retail Ltd (FVRL).
The High Court of Bombay has approved the realignment arrangement between FVRL and PRIL and their respective shareholders. ?With this, all format and other brands pertaining to value retail business comprising brands like Big Bazaar and Food Bazaar now vests with FVRL. It completes the realignment process of the retail business of the company (PRIL) between the company (PRIL) and FVRL,? said PRIL.
The company has also submitted a copy containing the approval of High Court to Registrar of Companies in the city. Earlier, the board of directors of PRIL approved the transfer of its value retail business to FVRL. Meanwhile, the stock of the company was trading at Rs 265, down by Rs 6.45 or 2.38 per cent at 1416 hrs, on June 7, 2011.
Source: http://news.radio-electronics.co/markets/future-value-gets-retail-business-of-pantaloon-retail/
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