India-based Pantaloon Retail has announced plans to invest INR2,100 crore (£280.1m) over the next three years on expansion. Speaking to investors at the company’s AGM, chief executive Kishore Biyani said that the funds would be used to add 15 million sq ft of retail space by 2014. “The funds will be used to add 3 million sq ft of retail space every year for the next three years,” he said.

Pantaloon Retail is currently going through a major restructuring programme with the aim of becoming a pure retail company within the next two years. Biyani explained: “We want to bring all the retail formats under one umbrella.”