Pantaloon Retail to hive off Big Bazaar

The board of directors of Pantaloon Retail India, which met today, approved a proposal for setting up wholly-owned subsidiary companies for Big Bazaar, Food Bazaar, speciality retail business activities and property & mall management.

According to a release issued by Pantaloon to the BSE today, the meeting also approved a proposal to transfer the respective businesses of the company on a going-concern basis to the respective subsidiaries, subject to receipt of all requisite statutory and other necessary approvals.