Future Group-owned Pantaloon Retail in India plans to leave its joint venture with office retailer Staples by June.

The change is part of the group’s strategy to raise funds and focus on core retail operations. The joint venture agreement with Staples, signed in 2007, gives the US-based retailer an option to buy its partner’s stake, which it is likely to exercise.

Pantaloon’s board has formed a review committee to consider options for restructuring and selling in order to reduce debt.