UPDATE 1-India's Birla to buy control of Pantaloon retail arm

Newswire

* To pay $152 mln to buy stake in Pantaloon apparel brand * Deal to help Pantaloon to cut its debt by 16 bln rupees * Aditya Birla to ramp up presence in Indian retail (PANTALOON-ADITYABIRLA/ (UPDATE 1) By Nandita Bose MUMBAI, April 30 (Reuters) - India's Aditya Birla Nuvo , part of the Aditya Birla conglomerate, will pay 8 billion rupees ($152 million) for a majority stake in the Pantaloon apparel brand and retail chain, ramping up its presence in a fragmented retail sector. The deal will ...

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