Pantaloon to float HK subsidiary

The board of directors of Pantaloon Retail India, at its meeting held today, approved a proposal for the formation of a subsidiary with an investment of $1 million (Rs 4.5 crore) in Hong Kong to source products from overseas markets.

According to a release issued by the company to the BSE, the board also decided to hive-off the company's office supplies business by approving the formation of a subsidiary with an investment up to Rs 17.50 crore.