Pantaloon enters into MoU with Sachin

Mumbai, Apr 27 (UNI) Pantaloon Retail (India) Limited, a part of the Future Group, has entered into an Memorandum of Understanding (MoU) with batting maestro Sachin Tendulkar to promote its new FMCG brand.

The board of directors met today and has decided to set up a subsidiary company for FMCG goods. It has earmarked an initial investment of Rs five crore in this regard, a release here today said.

The new niche brand will be created incorporating core brand values, which will be centered around Sachin Tendulkar, company said today.

Pantaloon registered a net profit of Rs 18.71 crore with a growth of 15.2 per cent for the quarter ended March 31.

The financial results, announced today, also indicated a gross turn over increase of 73 per cent at Rs 904 crore.

The net sales has gone up to Rs 861.04 crore, with an increase of 89 per cent. The profit before tax is Rs 28.99 crore.

The board has also approved the setting up of two wholly-owned subsidiaries to explore the sourcing&vendor management for various products, the release added.

UNI