India’s Future Group, including Pantaloon Retail India Ltd., plans to wipe out its 78 billion- rupee ($1.6 billion) debt by March 2013, the Economic Times newspaper reported, citing Chairman Kishore Biyani.
The U.S. Securities and Exchange Commission began an overhaul of rules adopted after the Crash of 1987 designed to shut down the stock market during periods of volatility, proposing that curbs be triggered when the Standard & Poor’s 500 Index falls 7 percent.
Lenders to India’s Vishal Retail Ltd. may support a debt recast proposal from Future Group, disregarding an offer from private equity investor TPG Capital, the Economic Times reported, citing people it didn’t identify.
Billionaire Kumar Mangalam Birla’s Aditya Birla Nuvo Ltd. will buy a controlling stake in an entity to be created by splitting store operator Pantaloon Retail India Ltd. to widen the reach of its apparel brands.
Future Ventures, a part of Kishore Biyani’s Future Group, may raise as much as 7.5 billion rupees from an initial public offer by March 31, the Press Trust of India reported, citing a company official it did not identify.