Pantaloon to merge consumer durables, home improvement business of HSRIL with itself
Pantaloon Retail (India) has informed that the board of directors of the company, at its meeting held on February 23, 2010, has approved the consolidation of consumer durables and home improvement business of its 66.86% subsidiary – Home Solutions Retail (India) (HSRIL) — with itself.
The demerger shall be achieved by way of a scheme of arrangement and is subject to approval from the shareholders, court and other authorities, as may be applicable.
The board has also approved acquiring the sports retail business from its wholly-owned subsidiary, Winner Sports.
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