Pantaloon Retail inks MOU with Blue Foods

New Delhi, July 31: Pantaloon Retail India Ltd (PRIL) today said it had signed a Memorandum of Understanding (MOU) with Blue Foods Pvt Ltd.

Under the agreement, the companies will form an equal 50-50 joint venture company for setting up food courts and speciality restaurants across the country, a company statement said.

However, no further details of the deal were available.

PRIL, which is a part of the Future Group, operates under various formats including Pantaloons, Big Bazaar, Food Bazaar, Central, E-Zone and Collection I, among others, across 30 cities in India.

Blue Foods, on the other hand, runs a chain of about 50 restaurants in the country.

Earlier this week, Pantaloon Retail Ltd had announced multiple strategic alliances with four companies -- Ruchi Soya Industries Ltd, to expand its edible oil category.

The company also tied up with Fun Foods, SR Foils, and Nepal's Wai Wai.

PRIL reported a turnover of Rs 1,073 crore for FY05, and is expecting to cross the Rs 2,000 crore mark for FY06. It has over 3.5 million square feet of retail space spread over 120 store formats.

UNI