Kishore Biyani-promoted Pantaloon Retail on Tuesday said it has received shareholders’ approval for restructuring the company into three separate entities catering to FMCG, retail and fashion, and rechristening the group as Future Markets & Consumer Group.
The shareholders have approved sale of the firm’s fashion division, including the entire investment in Home Solutions (Retail) India, to its wholly-owned subsidiary, Future Value Retail and sale of its retail division to subsidiary Future Speciality Retail, Pantaloon said in a filing to the Bombay Stock Exchange.
The shareholders have also approved the company’s decision to change its name to Future Markets & Consumer Group Ltd or such other name as may be approved by the Registrar of Companies, Maharashtra, the company said.
Pursuant to the said transfer, Future Value Retail would be renamed as Future Merchandising and Future Speciality Retail would be rechristened as Future Consumer Enterprises.
Earlier in January, Pantaloon had said it will hive off four business units, including Big Bazaar and Food Bazaar, into independent subsidiaries, keeping the option open for listing them in future.
The board had approved setting up of wholly-owned subsidiaries for Big Bazaar, Food Bazaar, Speciality Retail Business and Property and Mall Management Division.
Source: Financial Chronicle