By Rumman Ahmed BANGALORE--Pantaloon Retail India Ltd. (523574.BY) is speaking with several of its partners to sell stakes in businesses such as office products retail and logistics as it moves ahead with plans to pare debt, a senior executive said Wednesday. The company is already in talks with Hong Kong-based Li & Fung Ltd. (0494.HK) and the U.S.' Staples Inc. (SPLS) to sell stakes in their respective business partnerships, said Executive Director Rakesh Biyani. Retail supply chain company Li & Fung is an investor and partner in Pantaloon's Future Supply Chains unit, which handles the Indian retailer's logistics requirements. "Li & Fung have expressed their desire to raise their stake in the venture. We are currently in discussions," Biyani said on television, adding that a transaction could happen in July or August. Biyani said that, according to a joint venture agreement with office supplier Staples, the U.S. company has a put option to buy out Future Group's stake in the venture. It may exercise this option to get a 100% stake in the office products retail business. Staples executives couldn't immediately be reached for comment. "The date to exercise that [put option] is early next month. We are hopeful that by the next couple of months we'll be able to conclude that transaction," Biyani added. Pantaloon Retail has sold stakes in its Pantaloons chain of fashion outlets and its financial services business to raise funds to help retire its huge debt, which is estimated at nearly 60 billion rupees ($1.07 billion) at a consolidated level. Write to Rumman Ahmed at rumman.ahmed@dowjones.com
