News: Pantaloon Retail to form JV with UK co

(PTI 03/10/2006) Mumbai - Retail major, Pantaloon Retail India Ltd on Tuesday said it will form a 50-50 joint venture company with UK-based Alpha Airports Group plc, to develop travel retail and food catering business in airports across the country.

The board of directors at its meeting recently approved an Memorandum of Understanding with Alpha Airports Group, Pantaloon Retail informed the Bombay Stock Exchange.

A dividend of Rs 2.50 on shares of Rs 10 each (25 per cent) was also declared by the board, it added.

The company decided to sub-divide every equity share of Rs 10 each to five shares of Rs 2 each, subject to shareholders approval.

After the stock split the authorised share capital of Rs 35 crore would consist of 17.50 crore equity shares of Rs 2 each, it added.

Alpha Airports Group operates over 150 shops in 15 countries with an annual turnover of over 880 million dollar and has been operating duty-free shops at Cochin International Airport since 2002.

Shares of the company were trading at Rs 1,922, up 1.95 per cent at the BSE.