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.
Pantaloon Retail India Ltd. climbed the most in 2 1/2 years in Mumbai trading, leading a surge in shares of Indian retailers, after the nation’s cabinet yesterday approved easing of ownership rules for the industry.
India approved allowing overseas companies to own as much as 51 percent of retailers selling more than one brand, paving the way for global companies such as Wal- Mart Stores Inc. and Tesco Plc to own stores.
Wal-Mart Stores Inc. and Carrefour SA waited seven years for access to India’s $400 billion retail market. They may have to wait almost as long to make a profit in the world’s second most populous nation.
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.