Pantaloon Says Airport Joint Venture Exit Report `Speculative'

Pantaloon Retail India Ltd., 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.

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