The Hindu Business Line : Nod for Pantaloon's joint venture

The board of Pantaloon Retail on Tuesday approved a proposal to form a 50:50 joint venture with the UK-based Alpha Airports Group Plc for developing travel retail and catering business at leading airports in India. The company has not disclosed investment details.

Alpha Airports Group operates over 150 shops in 15 countries with an annual turnover of over $880 million. The group is currently operating duty-free shops at the Cochin International Airport. Subject to approval of the shareholders, the board has plans to sub-divide every equity share of Rs 10 each to five shares of Rs 2 each. The board has also recommended a dividend of Rs 2.50 (25 per cent) per equity share of Rs 10 each.

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