Staples invests $6m in Indian JV

5 January 2007 — Mumbai (India): Staples is gearing up to enter the lucrative Indian market in a joint venture with Kishore Biyani’s Pantaloon Retail thought to be worth $6 million.

It is said that Staples is likely to hold a 35 percent stake in the new business, which is expected to adopt an office products cash and carry format.

 

In November 2006, Pantaloon’s board approved the formation of an office supply subsidiary with investments of Rs175 million ($4 million).

 

Pantaloon and Staples were unavailable for comment.