Reports suggest that Pantaloon Retail and ITC the food, tobacco and hospitality major are joining hands. According to the agreement, both the companies have agreed to work in alliance in the food and grocery business. ITC will manage the front-end retail for some Food Bazaar stores. ITC is already managing Food Bazaar in cities like Hyderabad, Ambala and Pune.
Sources close to the development say that some sections that ITC will manage in Food Bazaar will be named as Choupal Fresh and both the companies will be equally responsible for sales and other activities. Experts believe that this agreement will be immensely beneficial for both, as Pantaloon will gain some ground in the rural market and ITC in urban market.