Pantaloon Retail will continue with its expansion plans despite the ongoing global recession. It is continuing with its expansion plan of expanding from 15 million sq ft to 26 million sq ft in the next 3–4 years. This will require an investment of USD 750 million.
Here is a verbatim transcript of Nayantara Rai's comments on CNBC-TV18. Also watch the accompanying video.
We might be in the midst of a global recession and shoppers might not exactly be going out on a shopping spree but Pantaloon Retail does seem to be gung-ho on its plans. It is continuing with its expansion plan of expanding from 15 million sq ft to 26 million sq ft in the next 3–4 years. This will require an investment of USD 750 million of which USD 150 million is going to be provided by the promoters and about USD 300–400 million from internal accruals and for USD 300 million Pantaloon Retail is open to a strategic investor–dilution of stake or leveraging further. But this is the first time that we have actually heard of Pantaloon Retail being open to a strategic investor.
As per Sep 08 share holding pattern of the company, Rakesh jhunjhunwala is holding 2,330,895 shares in the name of Jhunjhunwala Rekha Rakesh