Pantaloon Retail to setup subsidiary for office supplies, to form subsidiary in Hongkong

Pantaloon Retail India Ltd has announced that the Board of Directors of the Company at its meeting held on November 17, 2006, inter alia, has taken the following decisions:

1. Board has approved the formation of a subsidiary Company for carrying on business in office supplies and approved investment upto Rs 17.50 crores in it; and

2. Board has also approved the formation of a subsidiary Company in Hongkong to source products from abroad and approved an investment of upto US$ 1 million.

Source : Equity Bulls

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