Consumer durables major Videocon and Kishore Biyani's Future group have entered into an agreement to source consumer durables.
The shareholders have approved sale of the firm's fashion division, including the entire investment in Home Solutions (Retail) India, to its wholly-owned subsidiary, Future Value Retail and sale of its retail division to subsidiary Future Speciality Retail, Pantaloon said in a filing to the Bombay Stock Exchange.
Future Group will retail lightings and electrical products under a new brand - Bijli Ghar.
Manoj Kumar, CEO, e-Zone and Electronics Bazaar, said,"The Mega e-Zone, measuring 25,000 sq ft and above in area, is being developed as a destination store for electronics purchase. The store will offer seamless space for brands to retail their own merchandise."
Pantaloon Retail is eyeing the Rs 30,000 crore (Rs 300 billion) consumer durables retail market, excluding mobile phones and IT products.
GST necessarily includes service tax, but VAT can only be on goods without including service tax
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