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Pantaloon terminates JV with Planet Retail, Blue Foods |
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Mumbai: Pantaloon Retail India Limited (Pril) has decided to end its joint venture (JV) with Planet Retail Holdings and Blue Foods, which runs restaurant chains such as Bombay Blue, Noodle Bar and Copper Chimney. Pril had 49 per cent stake in Planet Retail Holdings.
Kishore Biyani, chief executive officer, Future Group stated, "Planet Retail has two businesses, which is apparel and sports. We are running the sports business and it has become a wholly-owned subsidiary. That`s why the JV with Planet Retail is being terminated."
Regarding the termination of the JV with Blue Foods, Biyani said, "Blue Foods has merged into a different entity, so the JV stands terminated."
KK Malhotra, Chief Executive Officer of Pan India Food Solutions, which is a JV between Pril and Blue Foods, denied commenting on the story.
Sunil Kapur, chief executive officer of Blue Foods, said, "There will be no operational or management change as a result of this. It is a slump sale for better accounting."
Kapur said that Pril`s interest has been reduced because Private Equity (PE) fund Indivision Capital has entered as an investor. He said, "The shareholding pattern of Blue Foods group has slightly altered because of this but there will no major change in the basic structure."
According to a senior official of a PE fund, Indivision has infused Rs 100 crore in Blue Foods in October 2008, which is scheduled to come in seven tranches.
(Posted on : 02/07/2009)
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| Pantaloon terminates JV with Planet Retail, Blue Foods |
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