Pantaloon to set up JV with French firm

Pantaloon Industries' subsidiary, Indus-League Clothing has signed a memorandum of understanding (MoU) with France-based Etam Group for setting up a JV in India.

According to an official release issued to the BSE today, Indus-League and Etam would form a 50-50 joint venture for manufacturing, distribution and retailing of lingerie and women's western wear.

Pantaloon had acquired the controlling stake in Indus-League in January this year from ICICI Ventures for Rs 24 crore. Indus-League owns apparel brands like Scullers and Indigo nation.