Pantaloon and Staples form JV for office supplies

Moneycontrol.com reports that US based office supplies giant Stapes has reportedly formed an agreement with Pantaloon Retail to set up operations in India. Staples is the world’s largest office supplies company, worth an estimated $16 billion. Staples will likely hold 35% of the new company and is considering a cash-and-carry format to be used in India. The company will also be investing $6 million in the venture. Staples is already present in China and Taiwan and has 1,800 stores in the US, Canada and 20 other countries.