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    Pantaloon Retail revenue soars

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    Retail (India) Ltd, part of , posted a 75 per cent increase in its revenue for the year ended June 30, 2007, at Rs 3,550.35 crore. The company’s net profit recorded an 87 per cent hike at Rs 119.99 crore.

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    Besides, the company's board has approved acquisition of online and offline rights of global brand Forever 21 for the Indian market.

    Recommending a dividend of Rs 0.59 ( 25 per cent) per equity share, Pantaloon’s board, which approved its financial results at a meeting, also approved raising of funds to the tune of Rs 2,000 crore for its subsidiary . The funds will be raised through an IPO and private placement.

    During the quarter ended June 30, 2007, the company has opened 31 stores, while the retail space of the company has increased from around 4.50 million square feet to an estimated 5.20 million square feet during the quarter.

    With 5.5 million square feet of retail space, is one of India’s largest retailers operating in 42 cities across India. Headquartered in Mumbai, the company operates primarily in the ‘lifestyle’ and ‘value’ formats through multiple delivery formats and lines of business. These include fashion, food, general merchandise, home, leisure and entertainment, financial services, communications and wellness.

    The company caters to the ‘lifestyle’ segment through its 31 Pantaloons stores and four Central malls, as well as its other concepts. In ‘value’ retailing, it is present through 68 hypermarkets and 100 Food Bazaar, and other delivery formats.