The Board of Pantaloon Retail on Tuesday approved setting up of wholly-owned subsidiary companies for Big Bazaar, Food Bazaar, Speciality Retail Business Activities and Property and Mall Management Division.
When contacted, a company official told PTI from Mumbai that the hiving off the different business divisions were done keeping in mind the independent growth each division had achieved.
"Also, it gives us the option of listing them in future at an appropriate time," the official added. The company said the respective businesses would be transferred on a going concern basis to the respective subsidiaries, subject to receipt of all requisite statutory and other necessary approvals.
Big Bazaar is Future Group's flagship hypermarket format, while Food Bazaar is a chain of supermarkets focussing on eatable items.
Pantaloon's speciality retail business activities take care of its various joint ventures such as the one it has with Lee Cooper and also with French innerwear major, Etam.Under the Property and Mall Management Division, the Future Group already has two malls in Mumbai and recently opened one in Siliguri.