Pantaloon, Staples plan JV for office supplies
By Our Corporate Bureau | 04 Jan 2007
Office products' retailer, Staples, has its papers in place, at least to enter India. CNBC-TV18 learns that the Boston-based firm will tie up with Kishore Biyani's Pantaloon Retail to set up Indian operations.
The world's largest office supplies' retailer will soon be in India according to those in the know. It is heard that the $16 billion Staples and Pantaloon are on the verge of forming a joint venture.
The new company, in which Staples is likely to hold 35 per cent, will consider a cash-and-carry model to supply office products in India. Sources say that Staples will invest $6 million in the venture.
In November last year, Pantaloon's Board approved the formation of a subsidiary company with investments of Rs17.5 crore to deal in office supplies.
When contacted, the company said it was looking at the office supplies business but said no more. Staples said it did not comment on speculation about business developments.
Staples sell office products, furniture and computers through more than 1,800 stores in the US, Canada and 20 other countries. Staples now wants to expand in Asia, where it is already present via joint ventures in China and Taiwan.
