Pantaloon Retail to float NBFC

The board of directors of Pantaloon Retail (India), which met today, approved a proposal to float a non-banking financial company (NBFC) to undertake various financial services activities.

According to a release issued by Pantaloon to the BSE today, the meeting also approved a 50:50 joint venture with Gini & Jony Apparel for setting up a retail chain for kidswear under the brand name of Gini & Jony.

The meeting also approved a proposal to purchase 33% stake each in Capital Foods and Capital Foods Exports that manufactures and markets ready-to-eat food items under various brand names like Ching's Secret and Smith & Jones.