Pantaloon Retail plans foods foray

The board of directors of Pantaloon Retail India, which met today, cleared proposals to float two new companies - PAN India Restaurants and Pantaloon Food Product (India).

According to a release issued by Pantaloon Retail to the BSE today, the new companies will be wholly-owned subsidiaries of the company.

"The board approved investments of Rs 9 crore and Rs 5 crore, respectively, in the companies," the release added.

The board also approved proposals to sell-off Pantaloon Retail Technologies and Mark Middle East (LLC), the release said.