Pantaloon signs 50:50 JV with Alpha Airports

New Delhi, Oct 3: Pantaloon Retail India today said its Board has approved an MoU with UK-based Alpha Airports Group for a 50-50 joint venture for developing travel retail and food and beverage catering business at leading airports in India.

''The Board of Directors of the company at a meeting gave the approval for the JV company,'' a company statement said.

Besides, the BoD recommended a dividend of 25 per cent at Rs 2.50 per equity share of Rs 10 each.

Subject to members approval, the company will sub-divide every equity share of Rs 10 each to five shares of Rs 2 each. As a result of which the authorised share capital of Rs 35,00,00,000 shall consist of 17,50,00,000 equity shares of Rs 2 each, the statement said.

Alpha Airports Group operates over 150 shops in 15 countries with an annual turnover of over 880 million dollars and rated among top ten global players. Alpha is currently operating duty-free shops at Cochin International Airport since 2002.

UNI