Pantaloon Retail India Ltd (PRIL) on Monday said it has completed realignment of its business by transferring its value retail formats — Big Bazaar and Food Bazaar — to Future Value Retail Ltd (FVRL).
In a filing to the Bombay Stock Exchange the company said the High Court of Bombay on March 25, 2011, has approved the scheme of arrangement between PRIL and FVRL 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,” the filing said.
The company has filed a certified copy of the High Court order with Registrar of Companies in Mumbai on June 4, 2011.
PRIL’s committee of directors at a meeting held on December 31, 2009 had approved transfer of its value retail business to its a wholly-owned subsidiary Future Value Retail.
Source : Economic Times