Acting promptly, Pantaloon Retail (India), part of the country’s retail pioneer Future Group, with reference to a news item appearing in a leading financial daily titled “Future calls off JV with Alpha Airports”, has clarified that the JV is still operative. In a filing to Bombay Stock Exchange, the company said it is still invested in the JV. The news item in question has not been confirmed with the company.
A financial daily had earlier reported that the Future Group flagship had exited its JV with Alpha’s parent company Autogrill Group due to differences on several operational issues.
The two groups struck an alliance in October 2006 to bid for duty free and food and beverage concessions at India’s airports. The joint venture subsequently won the 39-month duty free contract for Delhi International Airport. Operations began around three months late, in March 2007, following delays in gaining certain approvals to open the business.