Pantaloon Says Airport Joint Venture Exit Report `Speculative'

Pantaloon Retail India Ltd. (PF), India's biggest publicly traded retailer, said a newspaper report that it sold a stake in a joint venture with the U.K.'s Alpha Airports Group Plc to run duty-free shops was ``speculative.''

The Pantaloon-Alpha joint venture, which operates a duty- free store in New Delhi airport, is ``running satisfactorily,'' Rakesh Biyani, a director at Mumbai-based Pantaloon, said in a phone interview today.

The Economic Times reported today that Pantaloon has sold its stake in the joint venture because of differences on operational issues. The report cited unidentified people.

To contact the reporters on this story: Saikat Chatterjee in New Delhi at

To contact the editor responsible for this story: Frank Longid at

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