Future Group firm Pantaloon Retail (India) today said it will merge its wholly-owned subsidiary Future Value Retail, which runs Big Bazaar and Food Bazaar stores, with itself.
Private equity major Warburg Pincus is likely to acquire a controlling stake in Kishor Biyani's non-banking financial company, Future Capital Holdings by buying majority stake in Future Value Retail.
Future Group, India's largest retailer which owns Pantaloon Retail , is looking to sell stakes in brands and units to raise funds and help cut the group's USD 1.6 billion debt, the Economic Times reported on Monday.