Pantaloon Retail’s home furnishings division, Home Solutions Retail, will be opening the much-awaited flagship Home Town store in Delhi on March 31, 2007. Home Town is a home furnishings store targeted at customers who need to build, furnish and decorate a home. Products such as paints, tiles, electrical and plumbing equipment, home electronics, furniture, furnishings as well as services, will be available at all Home Town outlets.
ICICI Venture Funds Management, India’s largest domestic private equity fund, and Kotak SEAF India Fund had together invested over Rs 120 crore in Home Solutions Retail, a 100-per-cent subsidiary of Pantaloon Retail, in October 2006. It was reported at that time that ICICI Venture would take up to 15 per cent stake in Home Solutions, while Kotak SEAF would take a six-per-cent stake in the company. ICICI Venture had invested in Home Solutions through its India Advantage Fund Series II, a US$810-million fund.