Pantaloon Retail to go ahead with the merger

Pantaloon Retail today said its board had approved the merger of the consumer durables and home improvement units of its subsidiary, Home Solutions Retail, with itself. 

Under the plan to merge the two units with itself, effectively four lines of business — consumer durables, home furnishing, home improvement and furniture — will be spun-off from Home Solutions Retail and transferred to Pantaloon Retail India Ltd (PRIL), which holds about 67 per cent in the subsidiary. 

The company also said it would acquire the sports retail business from its wholly-owned subsidiary, Winner Sports Ltd. 

Now the merger proposal will be placed before PRIL’s shareholders for the final approval.